- E-business, Internet of Things (IoT) and Global Services to be key areas of growth
CLEVELAND, August 13, 2015 - Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today announced that its Board of Directors has elected Bob Bond, Vice President and President - Fluid Connectors Group, to a newly created position of Vice President - eBusiness, IoT and Services, effective September 1, 2015. In this new role, Mr. Bond will have responsibility for the company's e-business, Internet of Things (IoT) and service strategies.
"As we refresh the Win Strategy, which is being launched in September, a key area of focus will be to develop services that enable our customers to be more productive," said Tom Williams, Chief Executive Officer. "Opportunities in e-business, Internet of Things (IoT) and services such as asset integrity management present exciting new growth potential across all of Parker's operating groups. Being successful in these areas will require visionary leadership and sound judgement. Bob's extensive experience leading Parker's largest operating group will position him well to be successful in creating new revenue streams across Parker."
In his new role Mr. Bond will bring oversight and direction to all of Parker's groups to leverage best practices in his areas of responsibility. He is a 37 year veteran of Parker. He began his Parker career in 1977, working in a variety of roles of increasing responsibility in materials and operations management. He became General Manager of the Quick Coupling Division in 1992. He later became Vice President of Operations for the Fluid Connectors Group, and President of the Automation Group. He became President of the Fluid Connectors Group in 2005. During a decade in charge of the Fluid Connectors Group he has successfully balanced global expansion, acquisitions and the development of innovative new products and services to drive profitable growth. He has also pioneered Parker's initial efforts in the Internet of Things, created new services such as the PTS asset integrity management capability and built an initial plan for a global services revenue model.
"Parker sees tremendous opportunity to expand its use of web-enabled solutions and services across our broad technology platform to better serve our customers by improving operating uptime, reducing safety risks and optimizing processes," said Bond. "With our recent investment in Exosite LLC, Parker has partnered with experts in the 'last mile' of IoT implementation. This new position reinforces Parker's increased focus on cloud-based applications that enable customers to connect to our products for remote control, monitoring, and business analytics."
With annual sales of approximately $13 billion in fiscal year 2015, 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 55,000 people in 50 countries around the world. Parker has increased its annual dividends paid to shareholders for 59 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, Global Communications and Branding
Financial Analysts -
Robin J. Davenport, Vice President, Corporate Finance