MAYFIELD HEIGHTS, Ohio—Parker Hannifin Corp.'s Board of Directors has elected Thomas L. Williams as CEO and Lee C. Banks as president and chief operating officer, effective Feb. 1.
Donald E. Washkewicz, who has served as CEO since 2001 and president since 2006, will continue to serve as chairman, a position he has held since 2004. The firm said this will allow for a smooth transition of Washkewicz's responsibilities.
“Over the past decade, both Tom and Lee have been exposed to the entire global organization, including broad executive leadership preparation and strategy development,” Washkewicz said in a statement. “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.”
Williams joined Parker in 2003 as vice president, operations for the Hydraulics product group. He has served as an operating officer of the company since 2006 and has had responsibility for the Aerospace, Filtration, Engineered Materials, Instrumentation, Climate and Industrial Controls, Hydraulics, Fluid Connectors, and Automation product groups. He also has been responsible for the Asia-Pacific and Latin America regional groups.
Banks began his career with Parker in 1991 and has served as an operating officer of the company since 2006, Parker said. He has held leadership responsibility for the Filtration, Engineered Materials, Instrumentation, Climate and Industrial Controls, Hydraulics, Fluid Connectors, and Automation product groups. He has been responsible for the Europe, Middle East and Africa and Latin America regional groups.
He most recently was president of Parker's Hydraulics and Instrumentation product groups and vice president of operations in the Climate and Industrial Controls group.
“The Parker Board of Directors has been focused on leadership succession for many years,” Lead Director Robert J. Kohlhepp said. “This robust process has given us the benefit of evaluating the performance, qualifications and cultural fit of Tom and Lee for some time now, comparing and benchmarking them against a number of alternatives.”
Parker reported sales exceeding $13 billion in fiscal year 2014 and employs 57,500 in 50 countries.