"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
"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
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
"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."
With annual sales exceeding
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. All statements regarding future performance, earnings projections, events or developments are forward-looking statements. It is possible that the future performance and earnings projections of the company, including its individual segments, may differ materially from current expectations, depending on economic conditions within its mobile, industrial and aerospace markets, and the company's ability to maintain and achieve anticipated benefits associated with announced realignment activities, strategic initiatives to improve operating margins, actions taken to combat the effects of the current economic environment, and growth, innovation and global diversification initiatives. A change in the economic conditions in individual markets may have a particularly volatile effect on segment performance. Among other factors which may affect future performance are: 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; 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 the Company's capital allocation initiatives, including timing, price and execution of share repurchases; threats associated with and efforts to combat terrorism; uncertainties surrounding the ultimate resolution of outstanding legal proceedings, including the outcome of any appeals; competitive market conditions and resulting effects on sales and pricing; increases in raw material costs that cannot be recovered in product pricing; the company's ability to manage costs related to insurance and employee retirement and health care benefits; 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 and credit availability. The company makes these statements as of the date of this disclosure, and undertakes no obligation to update them unless otherwise required by law.
Photo - http://photos.prnewswire.com/prnh/20150121/170510
Photo - http://photos.prnewswire.com/prnh/20150121/170509
Logo - http://photos.prnewswire.com/prnh/19990816/PHLOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/parker-elects-tom-williams-as-chief-executive-officer-and-lee-banks-as-president-and-chief-operating-officer-don-washkewicz-to-continue-as-chairman-of-the-board-300023775.html
Media - Aidan Gormley, Director, Global Communications and Branding, 216/896-3258, firstname.lastname@example.org, Investors - Robin Davenport, Vice President, Corporate Finance, 216/896-2265, email@example.com