Summary
Parker-Hannifin Corporation (PH) announced a significant leadership change in its finance department via an 8-K filing on April 10, 2017. Executive Vice President and CFO Jon P. Marten will retire effective May 9, 2017, after a transition period. Succeeding Mr. Marten is Catherine A. Suever, who was elected as the new Executive Vice President – Finance & Administration and Chief Financial Officer, effective April 10, 2017. Ms. Suever brings extensive experience to the role, having served as Vice President and Controller since December 2010. This transition marks a key moment for the company's financial leadership. Investors should note that Ms. Suever's compensation has been adjusted to reflect her new responsibilities, including an increased base salary and performance-based bonus targets. The company also granted her additional Long-Term Incentive Plan (LTIP) awards, indicating a commitment to aligning executive incentives with long-term company performance. The smooth handover and the established compensation structure for Ms. Suever are positive indicators for continued financial stability and strategic execution.
Key Highlights
- 1Jon P. Marten, EVP – Finance & Administration and CFO, is retiring effective May 9, 2017.
- 2Catherine A. Suever has been appointed as the new EVP – Finance & Administration and CFO, effective April 10, 2017.
- 3Ms. Suever previously served as Vice President and Controller since December 2010.
- 4Ms. Suever will continue in her role as principal accounting officer.
- 5Ms. Suever's annual base salary has been increased to $650,000.
- 6Her General RONA Bonus target payout has been increased to $292,500, and her Target Incentive Bonus target award to $227,500.
- 7Ms. Suever was granted additional Long-Term Incentive Plan (LTIP) award shares for multiple calendar years.