Parker Hannifin Corporation (NYSE:PH), the global leader in motion
and control technologies, today announced that its Board of
Directors has elected Jennifer A. Parmentier as Chief Executive
Officer and Andrew D. Ross as Chief Operating Officer, each
effective January 1, 2023. Parker also announced that its Board
approved, effective January 1, 2023, an increase in the size of the
Board from twelve to thirteen Directors and the appointment of
Parmentier as a member of the Board.
Parmentier will succeed Thomas L. Williams as
Chief Executive Officer and will report to the Board of
Directors. Williams has served as Chief Executive
Officer since 2015 and Chairman of the Board since 2016. To ensure
a smooth transition of his responsibilities, Williams plans to
continue as Executive Chairman from January 1, 2023 through
December 31, 2023, at which time he intends to retire from Parker
and the Board. Ross will succeed Parmentier as Chief Operating
Officer, reporting to Lee Banks, who remains Vice Chairman and
President.
“Jenny and Andy bring extensive experience across
Parker’s operating groups and regions, and each is a strong
advocate for the power of The Win Strategy in driving our
operations to record performance and growth,” said
Williams. “Together with Lee Banks and Todd Leombruno,
our Executive Vice President and Chief Financial Officer, they will
form the new Office of the Chief Executive and are the right team
to lead Parker to achieve its FY27 performance targets.
“In coordination with the Board, I have been
planning this transition for many years and believe this is the
right time to step down from the CEO position. It has truly been an
honor to lead this great company. As I reflect on my tenure as CEO,
I am most grateful for the dedication and ownership of our team
members globally. No matter where I am in the company, I
have always felt your encouragement and full support. I’m proud of
our work together to make Parker one of the safest places to work,
our achievement of top quartile performance and the alignment of
our entire organization around our purpose as a platform for
growth, change and positive impact. Our new leadership team is
backed by a deep, talented, and highly engaged global team. Parker
has a very promising future ahead.”
Commenting on the leadership transition, Lead
Director James L. Wainscott, said, “Parker’s Board of Directors
takes a structured approach to senior leadership development and
succession. Our process allows us to evaluate the performance,
qualifications and cultural fit of key executives and benchmark
them against other highly talented leaders. We are
confident that both Jenny and Andy are the right leaders to
continue the trend of very strong performance and transformational
growth at Parker.
“Under Tom’s leadership, Parker is a company
transformed through both a significant improvement in its
performance and a significant reshaping of its portfolio. Through
strong cash generation and effective deployment of capital,
Parker’s portfolio of businesses has been strengthened and
strategic acquisitions have returned value to shareholders in the
form of higher margins, and a higher growth profile of businesses
serving longer cycle end markets. Importantly, the company
has also driven top quartile levels of engagement among team
members across the world, inspired by the introduction of the
Parker purpose statement, a focus on safety, and the deployment of
high-performance teams. Tom’s leadership legacy at
Parker will last well beyond the years he spent as CEO.”
Parmentier became Chief Operating Officer in 2021
with responsibility for all of Parker’s operating groups.
Previously, she was Vice President and President – Motion Systems
Group from 2019 to 2021 and Vice President and President –
Engineered Materials Group from 2015 to 2019, where she was
responsible for all financial and strategic aspects of the global
operations of those operating groups. Prior to those roles, since
joining Parker in 2008, she held a variety of operational roles
including General Manager of the Sporlan Division in the
Instrumentation Group, and General Manager of the Hose Products
Division in the Fluid Connectors Group. Prior to joining Parker,
Parmentier was Business Leader for Ingersoll Rand Trane Residential
Systems and held operational leadership positions with Magna
Corporation. Parmentier holds a Bachelor of Arts in Management from
Webster University and an Executive MBA from Loyola Chicago Quinlan
School of Business. She currently serves on the Board of Directors
of Nordson Corporation (NASDAQ: NDSN).
“It’s an exciting time to take on the leadership
of Parker with its rich history of success,” said Parmentier. “My
goal will be to continue to build upon the tremendous work and
momentum that Tom, Lee and our global team have set in motion. This
will include an ongoing focus on the key principles of The Win
Strategy, which will be the foundation for us to achieve our
five-year goals. It’s a great time to lead Parker to our
next level of engagement, customer experience, growth and
performance, all while our people and technologies make the world a
better place.”
Ross has extensive operational leadership
experience across Parker’s operating groups during his 24-year
career with the company. He has been Vice President and President –
Fluid Connectors Group since 2015. Previously, he
was Vice President and President – Engineered Materials Group
from 2012 to 2015. Prior to those roles, since joining Parker
in 1998 as a Product Manager in the Engineered Materials Group,
Ross has held various roles of progressing responsibility,
including Vice President of Sales and Marketing and General Manager
while in the Engineered Materials Group, and General Manager and
Vice President of Operations in the Motion Systems Group.
“I’m very excited to partner with Jenny, Lee and
Todd and the entire leadership team as we collaborate to help
Parker achieve its goals,” said Ross. “The operational improvements
that Tom and Lee have established have led to historic levels of
company performance. Yet we still see opportunities and our plan
will be to continue striving for operational excellence across all
of our businesses with the support of our engaged and talented
global team members.”
About Parker HannifinParker Hannifin is a
Fortune 250 global leader in motion and control technologies. For
more than a century the company has been enabling engineering
breakthroughs that lead to a better tomorrow. Parker has increased
its annual dividend per share paid to shareholders for 66
consecutive fiscal years, among the top five longest-running
dividend-increase records in the S&P 500 index. Learn more at
www.parker.com or @parkerhannifin.
Forward-Looking Statements
Forward-looking statements contained in this and
other written and oral reports are made based on known events and
circumstances at the time of release, and as such, are subject in
the future to unforeseen uncertainties and risks. Often but not
always, these statements may be identified from the use of
forward-looking terminology such as “anticipates,” “believes,”
“may,” “should,” “could,” “expects,” “targets,” “is likely,”
“will,” or the negative of these terms and similar expressions, and
include all statements regarding future performance, earnings
projections, events or developments. Neither Parker nor any of its
respective associates or directors, officers or advisers, provides
any representation, assurance or guarantee that the occurrence of
the events expressed or implied in any forward-looking statements
will actually occur. Parker cautions readers not to place undue
reliance on these statements. It is possible that the future
performance and earnings projections of the company, including its
individual segments, may differ materially from past performance or
current expectations.
Among other factors which may affect future
performance are: the impact of the global outbreak of COVID-19 and
governmental and other actions taken in response; changes in
business relationships with and purchases by or from major
customers, suppliers or distributors, including delays or
cancellations in shipments; disputes regarding contract terms or
significant changes in financial condition, changes in contract
cost and revenue estimates for new development programs and changes
in product mix; ability to identify acceptable strategic
acquisition targets; uncertainties surrounding timing, successful
completion or integration of acquisitions and similar transactions,
including the integration of Meggitt PLC, LORD
Corporation or Exotic Metals; the ability to successfully
divest businesses planned for divestiture and realize the
anticipated benefits of such divestitures; the determination to
undertake business realignment activities and the expected costs
thereof and, if undertaken, the ability to complete such activities
and realize the anticipated cost savings from such activities;
ability to implement successfully business and operating
initiatives, including the timing, price and execution of share
repurchases and other capital initiatives; availability, cost
increases of or other limitations on our access to raw materials,
component products and/or commodities if associated costs cannot be
recovered in product pricing; ability to manage costs related to
insurance and employee retirement and health care benefits; legal
and regulatory developments and changes; compliance costs
associated with environmental laws and regulations; potential
supply chain and labor disruptions, including as a result of labor
shortages; threats associated with international conflicts and
efforts to combat terrorism and cyber security risks; uncertainties
surrounding the ultimate resolution of outstanding legal
proceedings, including the outcome of any appeals; local and global
political and competitive market conditions, including global
reactions to U.S. trade policies, and resulting effects
on sales and pricing; and global economic factors, including
manufacturing activity, air travel trends, currency exchange rates,
difficulties entering new markets and general economic conditions
such as inflation, deflation, interest rates (including
fluctuations associated with any potential credit rating decline)
and credit availability; inability to obtain, or meet conditions
imposed for, required governmental and regulatory approvals;
changes in consumer habits and preferences; government actions,
including the impact of changes in the tax laws in the United
States and foreign jurisdictions and any judicial or
regulatory interpretation thereof; and large scale disasters, such
as floods, earthquakes, hurricanes, industrial accidents and
pandemics. Readers should consider these forward-looking statements
in light of risk factors discussed in Parker’s Annual Report on
Form 10-K for the fiscal year ended June 30, 2022 and
other periodic filings made with the SEC.
###
- Parker-Hannifin Corporation
- Parker-Hannifin Corporation
Media -
Aidan Gormley - Director, Global Communications and Branding
216-896-3258
aidan.gormley@parker.com
Financial Analysts -
Robin J. Davenport, Vice President, Corporate Finance
216-896-2265
rjdavenport@parker.com
Parker Hannifin (NYSE:PH)
Historical Stock Chart
From Jun 2024 to Jul 2024
Parker Hannifin (NYSE:PH)
Historical Stock Chart
From Jul 2023 to Jul 2024