Summary
This 8-K filing from Parker-Hannifin Corporation announces the election of two new directors, Robert G. Bohn and Åke Svensson, to its Board of Directors, effective August 19, 2010. These appointments are set to fill vacancies until the Annual Meeting of Shareholders in October 2010. The company has indicated that committee assignments for these new directors will be finalized in October. Both Mr. Bohn and Mr. Svensson are independent directors and are not involved in any transactions with the company that would require disclosure under Regulation S-K. They will be compensated according to the existing non-employee director compensation plan. This board expansion suggests a focus on strengthening governance and potentially bringing in new expertise as the company navigates its business environment.
Key Highlights
- 1Parker-Hannifin elected two new directors, Robert G. Bohn and Åke Svensson, to its Board of Directors.
- 2The appointments were effective as of August 19, 2010.
- 3The terms of the new directors will expire at the Annual Meeting of Shareholders in October 2010.
- 4Committee assignments for the new directors are expected to be determined in October 2010.
- 5Neither new director is involved in any reportable transactions with the company (Item 404(a) of Regulation S-K).
- 6The new directors will participate in the company's standard non-employee director compensation plan.