MAYFIELD HEIGHTS, Ohio—Motion and control technologies manufacturer Parker Hannifin Corp. has named a new chief financial officer. Directors of the company elected Catherine A. Suever, currently vice president and controller and acting CFO, to step into the position effective immediately.
Jon P. Marten, who has served at the firm's chief financial officer and executive vice president-finance and administration, is retiring after 30 years with the company, including six as CFO. He took a medical leave of absence from the company in November, which led to Suever being named acting CFO.
In a filing with the U.S. Securities and Exchange Commission, Parker said Marten will retire officially on May 9. From now until his retirement, Marten will remain as a vice president of the company.
The filing stated that Suever's annual base salary has been raised to $650,000.
Tom Williams, chairman and CEO of Parker, said in a statement that Suever's "leadership and experience has positioned her perfectly to take on this new responsibility and allow for a smooth transition. Having spent 30 years of her career at Parker, she is extremely knowledgeable about our organization. Importantly, her previous tenure in an investor relations role will serve her well as she reconnects with analysts and shareholders as CFO."