COO Retires After 35 Years

20.12.2006

Parker President and COO Nickolas W. Vande Steeg, age 63 retires after 35 years of service . Vande Steeg will retire as President and as a member of Parker's Board of Directors at the end of this calendar year. Current Chairman and Chief Executive Officer, Donald E. Washkewicz, will assume the title of President.

To ensure a smooth transition, the operational responsibility for Parker's business groups previously held by Vande Steeg are now under the responsibility of two executives, who were recently promoted to the position of Senior Vice President, Operating Officer. Each has separate and defined oversight for Parker's business groups and regions.

As previously announced, Lee C. Banks and Thomas L. Williams were promoted to their new roles November 1 to oversee the company's industrial businesses. This new alignment allows for more focused support of Parker's regional groups in Latin America, Asia Pacific and Europe, where the company's business continues to expand and grow rapidly. In addition, Robert P. Barker was also promoted November 1 to Senior Vice President, Operating Officer, and will continue his leadership of the company's aerospace business.

Vande Steeg began his career at Parker as a Total Quality Assurance Manager within the company's seal business in 1971. He advanced at the company through 10 positions, including General Manager, Global Seal Group President, and finally President and COO. "Under Nick's stewardship, the company has grown substantially around the world," continued Washkewicz. "He has reinforced a culture of execution and results at Parker that will serve the company well for many years to come. We wish him the very best in retirement."

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