Summary
This 8-K filing from Parker-Hannifin Corporation announces significant leadership changes, effective at the end of 2006 and beginning of 2007. Nickolas W. Vande Steeg, currently President and a Board Director, will retire from these roles on December 31, 2006. He will continue as Chief Operating Officer until March 31, 2007, during which his operational duties will be transferred to Lee C. Banks and Thomas L. Williams. Furthermore, Donald E. Washkewicz, who currently holds the positions of Chairman of the Board and Chief Executive Officer, will assume the additional role of President, effective January 1, 2007. Mr. Washkewicz has prior experience as President of the company and has been CEO since 2001. Investors should monitor the transition of responsibilities and the strategic direction under the combined leadership of Mr. Washkewicz.
Key Highlights
- 1Nickolas W. Vande Steeg to retire as President and Board Director effective December 31, 2006.
- 2Nickolas W. Vande Steeg to continue as COO until March 31, 2007, with operational duties transitioning.
- 3Donald E. Washkewicz, current Chairman and CEO, appointed as President effective January 1, 2007.
- 4Mr. Washkewicz previously served as President and has been CEO since July 2001.
- 5Operational responsibilities from Mr. Vande Steeg will be transitioned to Lee C. Banks and Thomas L. Williams.
- 6The company filed this report on December 14, 2006, detailing events as of December 12, 2006.
- 7Exhibit 99.1 contains the press release dated December 12, 2006, further elaborating on these announcements.