CLEVELAND—Parker Hannifin Corp. said Donald E. Washkewicz will step down as chairman of the company's board of directors effective Dec. 31, while Thomas L. Williams, Parker's CEO and a director, will become chairman on Jan. 1.
Washkewicz will continue as a member of the board of the maker of motion and control technologies.
“I am honored to succeed Don as chairman and greatly appreciate the trust the board has placed in me,” Williams said in a statement. “Parker holds strong competitive advantages that have shaped our leadership position in the motion and control industry. Our new Win Strategy builds on the strong foundation Don has established, and provides a clear roadmap with aggressive new targets that will drive top quartile performance among our proxy peers and deliver strong returns for our shareholders.”
Williams has been CEO since Feb. 1. He joined Parker in 2003.
Washkewicz began his Parker career 43 years ago, in 1972, as an engineer in the company's Hose Products Division, “famously getting his hands and work clothes greasy repairing hose assemblies at a truck depot as a first assignment,” as a Parker news release put it.
He was named president of Parker in 2000 and became CEO in 2001. Washkewicz was elected chairman of the board in 2004.
“It's been an honor to have worked for and led such a great company,” Washkewicz said in a statement. “While I can reflect on the many wonderful things that we accomplished during my time at Parker, from the executive office to the shop floor and in every corner of the globe, it is the people, values and culture of this great company that sets it apart and what will stay with me for a long time to come.”
He said Williams “has moved quickly to set in place plans for growth that I am confident will see Parker reach new heights in the years ahead.”