Parker Hannifin names Parmentier its next CEO

MAYFIELD HEIGHTS, Ohio—Jennifer A. Parmentier will become the next CEO of Parker Hannifin Corp. on Jan. 1, 2023, the motion and control technologies company announced in a news release.

Parmentier will succeed Thomas L. Williams, who has served as the Mayfield Heights-based company's CEO since 2015. Williams will continue to serve as executive chairman of the board throughout 2023 "to ensure a smooth transition of his responsibilities," the release stated, and he will retire from both the board and the company at the end of that year.

Parker Hannifin products include plastic and rubber tubing, seals and filtration materials.

Parmentier became Parker's chief operating officer in 2021, having previously served as the company's vice president and president of the motion systems group from 2019 to 2021 and of its engineered materials group from 2015 to 2019.

Andrew D. Ross will take on the role of chief operating officer when Parmentier becomes CEO. Ross also has a long history of leadership with the company, including his current role as vice president and president of the fluid connectors group, which he has held since 2015. As chief operating officer, Ross will report to Lee Banks, who will continue as vice chairman and president.

In a filing with the U.S. Securities and Exchange Commission, Parker said Parmentier, 55, will receive an increase in annual base salary rate from $900,000 to $1,300,000. The company also said it increased her incentive plan target opportunity from 115 percent to 165 percent of base salary.

Ross, also 55, will have an annual base salary of $850,000 as chief operating officer, according to the filing. His incentive plan target opportunity will be set at 115 percent of base salary.

"Jenny and Andy bring extensive experience across Parker's operating groups and regions, and each is a strong advocate for the power of The Win Strategy in driving our operations to record performance and growth," Williams said in the release. "Together with Lee Banks and Todd Leombruno, our executive vice president and chief financial officer, they will form the new Office of the Chief Executive and are the right team to lead Parker to achieve its FY27 performance targets."

"In coordination with the board, I have been planning this transition for many years and believe this is the right time to step down from the CEO position," Williams continued. "It has truly been an honor to lead this great company. As I reflect on my tenure as CEO, I am most grateful for the dedication and ownership of our team members globally. No matter where I am in the company, I have always felt your encouragement and full support. I'm proud of our work together to make Parker one of the safest places to work, our achievement of top quartile performance and the alignment of our entire organization around our purpose as a platform for growth, change and positive impact. Our new leadership team is backed by a deep, talented, and highly engaged global team. Parker has a very promising future ahead."