What is the significance of Todd M. Leombruno's appointment?

Todd M. Leombruno's appointment as Vice President and Controller and principal accounting officer signifies a key executive transition within Parker-Hannifin's financial leadership. This is an important role responsible for the accuracy and integrity of the company's financial reporting.

What are the key changes in Mr. Leombruno's compensation?

Mr. Leombruno's compensation has been enhanced to reflect his new responsibilities. Key changes include an increase in his annual base salary to $325,000, higher target payouts for his General RONA Bonus and Target Incentive Bonus, and substantial grants of Long-Term Incentive Plan (LTIP) award shares for future performance periods.

Does Mr. Leombruno have relevant experience for this role?

Yes, Mr. Leombruno has relevant internal experience within Parker-Hannifin. He most recently served as Vice President and Controller of the Engineered Materials Group and previously held the position of Director of Investor Relations, providing him with a strong understanding of the company's operations and financial communications.

PH 8-K: Leadership Changes

Q: Will Catherine A. Suever be leaving the company?

No, Catherine A. Suever will not be leaving the company. She will continue in her important role as Executive Vice President - Finance & Administration and Chief Financial Officer, with Mr. Leombruno taking on the principal accounting officer duties.

Summary

Parker-Hannifin Corporation (PH) announced a significant executive transition with the election of Todd M. Leombruno as Vice President and Controller, effective July 1, 2017. This appointment positions Mr. Leombruno as the company's principal accounting officer, taking over from Catherine A. Suever, who will continue in her role as Executive Vice President - Finance & Administration and Chief Financial Officer. The change indicates a planned succession in key financial leadership roles. Investors should note that Mr. Leombruno's prior experience includes significant tenures within Parker-Hannifin, most recently as Vice President and Controller of the Engineered Materials Group and previously as Director of Investor Relations, suggesting internal promotion and continuity. The filing also details the compensation package for Mr. Leombruno, reflecting his expanded responsibilities. This includes an increased base salary, bonus targets for the General RONA Bonus and Target Incentive Bonus programs, and significant awards of Long-Term Incentive Plan (LTIP) shares across multiple award periods. These adjustments underscore the company's commitment to retaining and incentivizing key financial talent. The compensation details provide insight into how Parker-Hannifin structures its executive pay to align with performance and strategic goals.

Key Highlights

1Election of Todd M. Leombruno as Vice President and Controller, effective July 1, 2017.
2Mr. Leombruno will assume the role of principal accounting officer, succeeding Catherine A. Suever.
3Catherine A. Suever will continue as Executive Vice President - Finance & Administration and Chief Financial Officer.
4Mr. Leombruno's prior experience includes VP and Controller of Engineered Materials Group and Director of Investor Relations.
5Mr. Leombruno's compensation package includes an increased base salary to $325,000.
6Mr. Leombruno's bonus targets have been increased for General RONA Bonus and Target Incentive Bonus.
7Mr. Leombruno has been granted significant Long-Term Incentive Plan (LTIP) awards for multiple award periods.

Parker-Hannifin Corp 8-K Report, Executive Changes (Jun 15, 2017)

Summary

Key Highlights

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