CLEVELAND—There's a new CEO, with a familiar last name, at ParkOhio Holdings Corp.
The diversified manufacturer announced May 11 that its board of directors has elected Matthew V. Crawford as chairman and CEO, effective immediately. Longtime CEO Edward F. Crawford, who is the father of Matthew Crawford, was elected president and will remain as a member of the board, the company said in a news release.
Matthew Crawford has been president and chief operating officer of the company and its operating subsidiary, ParkOhio Industries Inc., since 2003, and he has been a director since 1997.
In a filing with the U.S. Securities and Exchange Commission, ParkOhio said the annual base salary for Matthew Crawford, 48, was increased to $750,000.
The filing noted that Edward Crawford, 80, has served as chairman and CEO of ParkOhio Holdings and ParkOhio Industries since 1992.
In the past, according to the filing, "Edward Crawford has been eligible under Industries' cash bonus plan for a bonus award equal to 5 percent of consolidated adjusted income before income taxes. ... For 2018, each of Edward Crawford and Matthew Crawford will be eligible for a bonus award equal to 50 percent of 5 percent of consolidated adjusted EBT."
ParkOhio operates more than 125 manufacturing sites and supply chain logistics facilities, and it has three reporting segments: Supply Technologies, Assembly Components and Engineered Products.
The company, on May 8, reported that sales rose 18 percent to a record $405.7 million from $343.8 million in the like period of 2017, driven by organic growth of 9 percent. Net income attributable to ParkOhio common shareholders was $9.8 million in both first-quarter periods, the company said.