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27.01.2015

Parker: Changes in Management

Thomas L. Williams (left) and Lee C. Banks (Images: Parker Hannifin)

Parker Hannifin announced that its Board of Directors has elected company veterans Thomas L. Williams as Chief Executive Officer and Lee C. Banks as President and Chief Operating Officer, each effective February 1, 2015.

Donald E. Washkewicz, who served as Chief Executive Officer since 2001, Chairman of the Board since 2004 and President since 2006, will continue as Chairman of the Board to allow for a smooth transition of his responsibilities. Mr. Williams and Mr. Banks have also been elected as members of Parker s Board of Directors, effective immediately.

"Over the past decade, both Tom and Lee have been exposed to the entire global organization, including broad executive leadership preparation and strategy development," said Washkewicz. "They each bring significant experience with all of Parker s operating groups and have led the growth and development of Parker s position in emerging markets. They are supported by a strong management team, all with the common goal of driving outstanding results across Parker s businesses."

As an Operating Officer of the company since 2006, Mr. Williams has had leadership responsibility for the Aerospace, Filtration, Engineered Materials, Instrumentation, Climate and Industrial Controls, Hydraulics, Fluid Connectors and Automation product groups and the Asia Pacific and Latin America regional groups. Mr. Williams also currently oversees the company s strategic pricing initiatives. He joined Parker in 2003 as Vice President, Operations for the Hydraulics Group and in 2005 became President of the Instrumentation Group. Previously, he held a number of key management positions in four different business groups during a 22 year career at General Electric, including GE Capital, Aviation, Lighting and Transportation. He serves on the Board of Directors for Chart Industries, a leading independent global manufacturer of highly engineered equipment. Mr. Williams earned a Bachelor of Science in Mechanical Engineering from Bucknell University and a Master of Business Administration from Xavier University. "I am honored and excited to accept this new role as Chief Executive Officer of Parker and will focus on continuing to build on its strong foundation, momentum, customer focus and innovative mindset," said Williams. "Our goal will be to continue driving significant operational improvements, profitable growth and product and service innovations for our customers. Parker has been at the forefront of technological advances for nearly a century and it is our vision to stay on the front line of innovation for the next 100 years."

"The Parker Board of Directors has been focused on leadership succession for many years," said Robert J. Kohlhepp, Lead Director. "This robust process has given us the benefit of evaluating the performance, qualifications and cultural fit of Tom and Lee for some time now, comparing and benchmarking them against a number of alternatives. We are confident that both Tom and Lee are the right leaders to continue the legacy of strong performance improvement at Parker. We welcome them to their new roles and to the Board."

As an Operating Officer of the company since 2006, Mr. Banks has had leadership responsibility for the Filtration, Engineered Materials, Instrumentation, Climate and Industrial Controls, Hydraulics, Fluid Connectors and Automation product groups and the Europe, Middle East and Africa, and Latin America regional groups. Previously, Mr. Banks was the President of Parker s Hydraulics and Instrumentation product groups and was Vice President of Operations in the Climate and Industrial Controls Group. He began his career with Parker in 1991 and has also held increasingly responsible positions within sales and operations management including several division general manager positions. He serves on the Board of Directors of Nordson Corporation, a leader in precision dispensing equipment for industrial coatings. Mr. Banks has a Bachelor of Arts in Economics from DePauw University and a Master of Business Administration from The Keller Graduate School of Management in Chicago. "I look forward to leading Parker s global operations and to representing shareholders on the Board," said Banks. "Our ability to continue to collaborate as a team will help us drive exceptional operating performance. Parker is in a very strong position and I am excited to contribute to seeing us achieve new heights."

Picture: Thomas L. Williams (left) and Lee C. Banks (Images: Parker Hannifin)

Source: Parker Hannifin

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