Thank you, Mr. Chairman.
I am pleased to introduce W.R. "Tim" Timken Jr., who has been nominated by the President to serve as Chairman of the Board of the Securities Investor Protection Corporation.
I have had the privilege of knowing Tim for many years and consider him to be a valuable leader and close friend. He serves as a role model for what a corporate executive can and should be. He has truly made a difference in the quality of life in his community, state and country.
The Timken Company headquartered in Canton, Ohio, manufactures highly engineered bearings and alloy steels. They are also becoming a leader in providing related components and services such as bearing refurbishment for the aerospace, medical, industrial and railroad industries. The company's mission is to continually increase shareholder value by strengthening its leadership position in their chosen markets. More than fifty plants and 100 sales design and distribution centers around the world provide unmatched product quality and customer service.
Since becoming Chairman of the Board in 1975, Tim has led his family business, the Timken Company, to become a leading international manufacturer with operations in twenty-four countries employing approximately 28,000 people worldwide.
A former chairman of the National Association of Manufacturers, Tim has always impressed me with his consistent sense of civic responsibility, and has remained a leader in many facets of his community. He has been the backbone for many initiatives in the State of Ohio. Tim's relentless dedication to his neighbors and our nation's leaders has proven his patriotism and compassion. He has a genuine appreciation for all that America stands for and is a tremendous civic leader not only for Canton, Ohio but also for the United States.
One thing that has remained constant, both in his professional and political endeavors, that will prove to be a valuable asset to the Securities Investor Protection Corporation, is his insistence on ethical behavior. Tim Timken is a man of unique character and integrity. His considerable accomplishments over the years have been made possible, in part, by the reputation that he has built for himself as an extraordinarily honest and forthright individual.
I believe that Tim's professional experience has prepared him well to serve in the position for which he has been nominated. In this era of uncertainty about the future, Tim would be a strong advocate for fairness and common sense and will serve with the vigilance and dedication that this Board requires.
I urge the committee to quickly report the nomination of W.R.Timken Jr. so that the Senate may soon vote on his confirmation.
Thank you, Mr. Chairman.