Parker announces top leadership changes
On October 25, Parker Hannifin Corp., a supplier of motion and control technologies, announced the retirements and successors for two key leadership positions.
The board of directors has elected Chief Executive Officer and Director Jennifer A. Parmentier as chairman of the board, effective January 1, 2024. She will succeed Thomas L. Williams, executive chairman, who will retire on December 31, 2023, as previously announced.
Meanwhile, Vice Chairman, President, and Director Lee C. Banks will also retire on December 31 after 32 years of dedicated service to the company. Chief Operating Officer Andrew D. Ross has been elected by the board of directors as president as well as COO, effective January 1, 2024.
Jennifer Parmentier
Parmentier became chief executive officer on January 1, 2023. She previously served as chief operating officer starting in 2021, with responsibility for all of Parker’s operating groups. Parmentier was vice president and president – Motion Systems Group from 2019 to 2021 and vice president and president – Engineered Materials Group from 2015 to 2019, where she was responsible for all financial and strategic aspects of their global operations. Prior to those roles, since joining Parker in 2008, she held a variety of operational roles including general manager of the Sporlan Division in the Instrumentation Group, and general manager of the Hose Products Division in the Fluid Connectors Group.
“We congratulate and look forward to working with Jenny in her expanded role as chairman of the board,” said James L. Wainscott, Parker’s independent Lead Director. “Our dual leadership structure, consisting of both a Chairman of the Board and a separate and independent lead director, continues to effectively serve shareholders. We thank Tom for his many years of exemplary service leading our Board and leading the company through a period of unprecedented performance and transformation in which we delivered substantial shareholder returns.”
Thomas Williams
Williams served as chief executive officer from February 1, 2015, through December 31, 2022 and has served as chairman of the board since January 1, 2016. He joined Parker in 2003 and demonstrated successful leadership in two operating groups, first as vice president of operations for the Hydraulics Group and then as president of the instrumentation group. He was named operating officer in 2006, with responsibility for Parker’s Aerospace, Engineered Materials, Filtration, Instrumentation and Asia Pacific groups.
“Tom’s world-class leadership and achievements set Parker on a remarkably positive trajectory,” said Parmentier. “It is an honor to succeed him as Chairman of the Board, as it was to succeed him as CEO and to have the opportunity to build on that legacy of leadership and success and take our performance to the next level. I appreciate the trust of our Board, our senior leadership team, and our global team members as we look ahead to Parker’s promising future.”
Lee C. Banks
Banks has been in his current role as vice chairman and president since 2021. He was elected to the board in 2015 in the role of president and chief operating officer. Prior to that, he was an operating officer of the company since 2006 with leadership responsibility for the Filtration, Engineered Materials, Instrumentation, Climate and Industrial Controls, Hydraulics, Fluid Connectors and Automation product groups and the Europe, Middle East and Africa, and Latin America regional groups. Previously, Banks was the president of Parker's Hydraulics and Instrumentation product groups and was vice president of operations in the Climate and Industrial Controls Group. He began his career with Parker in 1991 as an aftermarket sales manager and has also held increasingly responsible positions within sales and operations management including several division general manager positions.
“During his career, Lee successfully led several of our largest businesses, globally expanded our distribution network that now stands among our greatest competitive strengths, and significantly raised the bar for operational excellence at Parker,” said Chief Executive Officer Jenny Parmentier. “Together with Tom Williams he co-created a refreshed Win Strategy and subsequent updates that have successfully transformed the company’s performance and portfolio, actions that will leave a legacy on our company and its future. His presence will be missed, and we are grateful for his transformational leadership and his countless significant contributions to Parker’s success. I look forward to partnering with Andy in his expanded role as President and collaborating on our continuing plans to realize Parker’s full potential.”
“Lee has been a superb leader,” said James L. Wainscott, Parker’s independent lead director. “During his many years at Parker and on the Parker Board of Directors, he always has been in pursuit of excellence in all facets of the business.”
Banks said, “It has been an honor to serve as a Parker Officer and Director for so many years and to have the opportunity to work alongside exceptional people. Together, our Board, our leadership team, and the many talented team members across our global operations have helped make this great company even greater. Jenny and Andy are outstanding leaders who are building on Parker’s legacy of strong performance and operational excellence, and I am very confident of Parker’s continued success in the years ahead.”
Andrew Ross
Ross became chief operating officer in 2022. He previously served as vice president and president – Fluid Connectors Group starting in 2015, and as vice president and president – Engineered Materials Group from 2012 to 2015. Prior to those roles, since joining Parker in 1998 as a product manager, Ross has held various roles of progressing responsibility including vice president of sales and marketing and general manager while in the Engineered Materials Group, and general manager and vice president of operations while in the Motion Systems Group.
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