8-KLeadership Changes

Parker-Hannifin Corp 8-K Report, Executive Changes (Dec 9, 2010)

Filed December 9, 2010For Securities:PH

Summary

This Form 8-K filing from Parker-Hannifin Corporation details significant executive-level personnel changes and associated compensation adjustments. The most notable event is the election of Catherine A. Suever as Vice President and Controller, effective December 6, 2010. Ms. Suever succeeds Jon P. Marten, who remains as Executive Vice President – Finance & Administration and Chief Financial Officer. This transition involves a new principal accounting officer and includes adjustments to Ms. Suever's compensation package, reflecting her expanded role and responsibilities. Additionally, the filing outlines compensation adjustments for Mr. Marten following his promotion. These adjustments include increases in base salary, target bonus amounts, and the granting of additional Long Term Incentive Plan (LTIP) awards. Investors should note these executive compensation changes as indicators of leadership transitions and the company's investment in key financial personnel.

Key Highlights

  • 1Catherine A. Suever appointed Vice President and Controller, effective December 6, 2010.
  • 2Jon P. Marten transitions from principal accounting officer to Executive Vice President – Finance & Administration and Chief Financial Officer.
  • 3Ms. Suever's compensation package adjusted to include base salary increase, participation in supplemental executive retirement benefits, transferable stock options/SARs, and a fiscal year 2011 target incentive bonus.
  • 4Ms. Suever granted Long Term Incentive Plan (LTIP) awards for multiple fiscal periods with pro-rated payouts.
  • 5Mr. Marten received compensation adjustments including base salary increase, increased General RONA Bonus target, and increased fiscal year 2011 Target Incentive Bonus.
  • 6Mr. Marten was also granted additional target LTIP award shares across multiple fiscal periods.
  • 7No undisclosed related-party transactions (Item 404(a)) involving Ms. Suever were reported.

Frequently Asked Questions

The primary purpose of this 8-K filing is to report significant changes in the company's executive officers, specifically the appointment of a new Vice President and Controller, Catherine A. Suever, and related adjustments to executive compensation for both Ms. Suever and Jon P. Marten.

Catherine A. Suever has been elected Vice President and Controller and will serve as the principal accounting officer. Jon P. Marten will continue as the principal financial officer, holding the title of Executive Vice President – Finance & Administration and Chief Financial Officer.

Ms. Suever's compensation package includes an increased base salary, admission into the Supplemental Executive Retirement Benefits Program, amended stock options and stock appreciation rights allowing for transferability, a fiscal year 2011 target incentive bonus of $53,000, and grants of Long Term Incentive Plan (LTIP) awards for various periods, subject to pro-ration.

Following his promotion, Mr. Marten's compensation includes an increased base salary, an increased General RONA Bonus target payout amount to $202,500, an increased fiscal year 2011 Target Incentive Bonus to $157,500, and additional target LTIP award shares granted across multiple fiscal periods.