CANTON, Ohio May 10, 2011 /PRNewswire/ -- The Timken Company (NYSE: TKR) today held its 107th Annual Meeting of Shareholders at its global headquarters in Canton, OH. Shareholders re-elected three members of the board of directors for two-year terms that will expire at the 2013 Annual Meeting: John M. Ballbach, president and chief executive officer of VWR International, LLC; Phillip R. Cox, president and chief executive officer of Cox Financial Corporation; and Ward J. Timken, Jr., chairman of the board.
The remaining eight directors will continue to serve until the expiration of their respective terms. They are:
James W. Griffith, president and chief executive officer of The Timken Company;
John A. Luke, Jr., chairman and chief executive officer of MeadWestvaco Corporation;
Joseph W. Ralston, vice chairman of The Cohen Group;
John P. Reilly, retired chairman, president and chief executive officer of Figgie International;
Frank C. Sullivan, chairman and chief executive officer of RPM International Inc.
John M. Timken, Jr., private investor;
Ward J. Timken, president of The Timken Foundation of Canton; and
Jacqueline F. Woods, retired president of Ameritech Ohio.
In other business conducted at the meeting, shareholders:
Ratified the selection of Ernst & Young LLP as the independent auditor for the year ending December 31, 2011;
Approved the 2011 long-term incentive plan and compensation for executive officers named in the Proxy Statement; and
Recommended an annual advisory vote on compensation for executive officers named in the Proxy Statement.
The company also announced today that the board increased the dividend paid to shareholders to 20 cents per share, reflecting the company's strong first-quarter performance and outlook for record earnings this year.
"Ten years ago, we set out to transform the company to create greater value for our customers and shareholders," said James W. Griffith, Timken president and chief executive officer. "Our strategy is working and the new Timken Company is positioned to grow in diverse, attractive markets and generate superior returns."
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