Summary
Parker-Hannifin Corporation (PH) announced a significant leadership change in its financial department through an 8-K filing on November 29, 2010. The report details the impending retirement of its Chief Financial Officer, Timothy K. Pistell, who will transition out by March 31, 2011. Mr. Pistell has agreed to stay on in an executive capacity to ensure a smooth handover during this period, a move that should provide continuity for the company's financial operations. Following Mr. Pistell's retirement, the Board of Directors has elected Jon A. Marten as the new Executive Vice President – Finance & Administration and Chief Financial Officer. Mr. Marten, who has been with the company since 2007 in various controller roles, brings internal experience to the position. This transition aims to maintain stability while bringing in new leadership to guide the company's financial strategy.
Key Highlights
- 1Timothy K. Pistell, Executive Vice President – Finance & Administration and CFO, notified the company of his intent to retire.
- 2Mr. Pistell's retirement is effective after March 31, 2011, with a commitment to assist in transition.
- 3Jon A. Marten has been appointed as the new Executive Vice President – Finance & Administration and Chief Financial Officer, effective November 29, 2010.
- 4Mr. Marten, 54, has held various finance and controller positions within Parker-Hannifin since 2007.
- 5Mr. Marten will continue to serve as Controller and principal accounting officer until a successor is appointed.
- 6The appointment of Mr. Marten is for an 11-month term, subject to election of a successor.
- 7There are no disclosed transactions in Item 404(a) of Regulation S-K involving Mr. Marten.