Timken CEO Compensation in 2006 About $5.6 million

James W. Griffith, Timken Co. president and chief executive officer, last year received compensation the company valued at about $5.6 million, according to a regulatory filing with the Securities and Exchange Commission on Friday.

Griffith, 53, was paid a salary of $950,000. He received $2.3 million in annual cash incentive compensation based on 2006 performance. His compensation included $124,046 in perks and other personal benefits.

The Associated Press’ calculations of total pay include executives’ salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations do not include changes in the present value of pension benefits.

In 2006, Timken earned $222.5 million, or $2.36 per share, on sales of $4.97 billion.

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