CLEVELAND, May 1, 2014 - Parker Hannifin Corporation (NYSE:PH), the global leader in motion and control technologies, today announced that its Board of Directors has elected Joseph R. Leonti, age 42, as Vice President, General Counsel and Secretary, effective July 1, 2014. Mr. Leonti will succeed Thomas A. Piraino, Jr., who will retire after 32 years of dedicated service to Parker. Mr. Piraino plans to stay on with the company until the end of August 2014 to allow for a smooth transition of his responsibilities.
"I would like to thank Tom for his leadership, counsel and advice as head of our corporate legal operations for over 15 years and throughout his more than 30 years of service to Parker," said Chairman, CEO and President, Don Washkewicz. "With a gentle nature and strong character, Tom has held us to a standard of integrity that goes well beyond the minimum legal requirements that a globally complex company must navigate. We will miss his passion for Parker, its history, and the legacy of our strong reputation that he worked so hard to preserve."
Mr. Piraino joined Parker in 1981 as Assistant Secretary and Legal Counsel. Before being appointed to his current position in 1998, he most recently served as Vice President - Law and Assistant Secretary. Mr. Piraino has been responsible for managing the Company's legal affairs and has overseen all of Parker's domestic and international legal operations. Prior to joining Parker, Mr. Piraino served as Senior Counsel for Diamond Shamrock Corp. of Dallas, Texas. He began his legal career as an associate with the firm of Jones Day in Cleveland.
"Joe is well prepared to step into this new role having worked closely with Tom," added Washkewicz. "He has demonstrated strong leadership skills and acumen across a broad range of responsibilities within the legal function. Further supported by a strong legal team, we are confident that the transition of responsibilities will be seamless and we look forward to his contribution as a key Parker leader for many years."
Mr. Leonti will be responsible for managing and overseeing all of Parker's worldwide legal affairs and matters concerning its Board of Directors and corporate governance. He joined Parker in March 2006, and was most recently responsible for Parker legal matters in various areas of specialty, including: worldwide mergers, acquisitions, divestitures, joint ventures and other significant transactions; corporate governance and corporate secretarial matters; securities law compliance and disclosure; and corporate finance and treasury. Mr. Leonti holds a Bachelor of Business Administration from Cleveland State University and a Juris Doctor from Cleveland-Marshall College of Law at Cleveland State University.
With annual sales of $13 billion in fiscal year 2013, Parker Hannifin is the world's leading diversified manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a wide variety of mobile, industrial and aerospace markets. The company employs approximately 58,000 people in 49 countries around the world. Parker has increased its annual dividends paid to shareholders for 58 consecutive fiscal years, among the top five longest-running dividend-increase records in the S&P 500 index. For more information, visit the company's website at www.parker.com, or its investor information website at www.phstock.com.
Aidan Gormley, Director, Corporate Communications
Financial Analysts -
Pamela Huggins, Vice President & Treasurer