The Timken Co.’s board of directors has named Ward J. "Tim" Timken Jr. Chairman, effective August 15.

The new Chairman, 38, joined The Timken Co. in 1992 and was elected to the board in 2002. In April 2005, he was named Vice Chairman while continuing to serve as President of the company's Steel Group, guiding that business, which had $1.2 billion in sales in 2004, to record levels of profitability.

"The new Chairman's track record at Timken suggests a new legacy of leadership is in the offing," Mr. Mahoney continued. "Tim Timken provided strong leadership to the Steel Group and has been a valued member of the board for the past three years. He has earned our respect, and we are confident that Tim will carry on the highly successful transformation of the company," Mr. Mahoney said.

Since its founding by Henry Timken in 1899, the company has had five chairmen, all Timken family members. After becoming a public company in 1922, the company adopted a practice of engaging professional executives to lead the company. Mr. Timken and James W. Griffith, President and CEO, 51, will work together within the office of the chairman.

"It is a great honor to be entrusted with leadership as we fulfill a new vision and continue to build momentum in pursuit of strategic global growth," the new Chairman Timken said. "I look forward to working with our leadership team as an advocate of our core values, to enhance our brand reputation, and to build upon our expertise in friction management and power transmission."

Before leading the Steel Group, Mr. Timken served as Corporate Vice President in the Office of the Chairman. He played a key role in the 2003 acquisition of The Torrington Co., which was instrumental in the company's strategic transformation. The Torrington acquisition is the largest in Timken's history, increasing the size of the company by 50% and providing a broader range of friction-management products and services. He also has extensive experience in international business, including key positions with the company's operations in Europe and Latin America in the 1990s. In addition to his strategic development and leadership role at this Fortune 500 company, he continues to be responsible for government and community affairs.

Mr. Timken holds a bachelor's degree in marketing from Georgetown University and an MBA from the Darden School of Business Administration at the University of Virginia. An active member of civic and business organizations, he serves on several boards, including the American Iron and Steel Institute, the Ohio Steel Council, the Ohio Business Development Council, the Stark Development Board, the Henry & Louise Timken Foundation, the Timken Foundation, and the Timken Charitable Trust.

Mr. Timken has been succeeded in his former position by Salvatore J. Miraglia Jr., who has been appointed President—Steel, effective August 15. Miraglia will have responsibility for the company's Steel Group, which reported $1.2 billion in sales in 2004, and he will report to the Office of the Chairman. He was previously Senior Vice President—Technology.

"Sal is well positioned to build upon the success that the Steel Group has achieved under Tim's leadership," said James W. Griffith, President and CEO. "He comes to this with a unique perspective that melds manufacturing and technology. Sal led steel manufacturing during a time of great productivity improvements in the early 1990s. More recently, he has led the global technology group through a transformation that positioned the company to be even more focused on improving our customers' performance."

Mr. Miraglia began his career with the company in 1972 and held various positions in the bearing and steel businesses, as well as in the research and purchasing areas. In 1989, Mr. Miraglia was named Director—Manufacturing, Steel, and, in 1993, Vice President—Manufacturing, Steel. He went on to assume leadership roles in the company's bearing business before being elected Senior Vice President—Technology and an officer of the company in December 1999.

Mr. Miraglia earned a bachelor's degree in metallurgy and material science from Lehigh University and a master's degree in metallurgy and material science from Case Western Reserve University. He also completed the Advanced Management Program at Harvard University Graduate School of Business Administration.