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.