October 31, 2022
Motion and control technologies supplier Parker Hannifin recently elected a new chief executive officer as the current top executive, Thomas L. Williams, prepares to step down. The firm’s board of directors named Jennifer A. Parmentier to the role and also elected Andrew D. Ross as chief operating officer. Both roles are effective January 1.
"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 in a company release. "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.”
The size of Parker’s board is also slated to increase from twelve to thirteen directors after Parmentier was appointed as a member. Parmentier was promoted to chief operating officer in 2021. She previously worked as vice president and president – Motion Systems Group from 2019 to 2021, vice president and president – Engineered Materials from 2015 to 2019.
Williams has served as CEO since 2016 and as chairman of the board since 2016. The outgoing executive will remain in his role as executive chairman through Dec. 31, 2023 to participate in the transition.
"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,” Lead Director James L. Wainscott, said in a statement.
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