A drive shaft is synchronously driven by an internal combustion engine. A cylindrical hollow cam shaft is rotatably disposed about the drive shaft. The cam shaft has thereon a cam which actuates a valve of the engine. A first flange is formed on one end of the cam shaft. A second flange is connected to the drive shaft to rotate therewith. The second flange faces the first flange. First and second radially extending grooves are formed in mutually facing surfaces of the first and second flanges respectively. The first and second grooves are arranged at opposite sides with respect to an axis of the drive shaft. An annular disc is disposed between the first and second flanges. The annular disc has first and second pins which are slidably engaged with the first and second grooves respectively. A control housing rotatably receives therein the annular disc. The control housing is pivotal in a direction perpendicular to an axis of the drive shaft and has therein a cam receiving circular opening. A control shaft has thereon a circular eccentric cam which is slidably received in the cam receiving circular opening of the control housing. A pair of annular flanges are provided on the control shaft to intimately put therebetween a thicker portion of the control housing thereby to suppress an undesired axial displacement of the control housing on and along the control shaft.