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The Timken Company (NYSE: TKR), Canton, OH, announced that Michael C. Arnold, executive vice president and president of the Bearings and Power Transmission (B&PT) Group, plans to leave the company at the end of the year. He has accepted a new position as president and CEO of a private equity-owned firm. Arnold will retire from Timken on Dec. 31, 2010, following more than 31 years with the company.
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“Mike has had a long and successful career with Timken leading the Bearings and Power Transmission group through an evolution that has enabled us to achieve higher sales and significant profit improvements,” said James W. Griffith, president and CEO of Timken. “We certainly wish him well in his future endeavors.
Griffith said that the company does not intend to fill Arnold’s position and noted: “The B&PT leadership team was reorganized earlier this year, which now enables the company to have the business segment presidents report directly to the CEO.
Arnold joined The Timken Company in 1979 as a sales engineer in Cleveland, OH. He held a succession of sales and general management positions with increasing responsibility. He was named vice president-bearing business process advancement in 1998, promoted to president-industrial in 2000 and has held his current position since 2007.
Timken had sales of $3.1 billion in 2009, operations in 27 countries/territories and 17,000 employees.