Parker Hannifin announced that CEO Thomas Williams will retire, and that current Chief Operation Officer Jennifer Parmentier will be the next CEO.
Williams became CEO in 2015 and chairman of the board in 2016. He just recently led Parker through the $6.5 billion acquisition of a British Aerospace company, Meggitt PLC.
Parmentier will become CEO in 2023 and Andrew Ross, currently the head of Parker’s Fluid Connectors Group, will become the new COO.
Williams will remain the executive chairman though 2023, after which he said he’ll retire.
“In coordination with the Board, I have been planning this transition for many years and believe this is the right time to step down from the CEO position,” Williams said in a statement. “It has truly been an honor to lead this great company.
“Our new leadership team is backed by a deep, talented, and highly engaged global team,” he added. “Parker has a very promising future ahead.”
Parmentier, 55, became the COO in 2021. She’s been with Parker since 2008 and previously worked at two other manufacturing companies, Ingersoll Rand Trand Residential Systems and Magna International.
Parker Hannifin, with headquarters in suburban Mayfield Heights just outside Cleveland, is a leader in motion and control technologies, which includes many different kinds of manufacturing like aerospace, climate control, hydraulics, and fluid and gas handling. It has operations in 50 countries and more than 300 manufacturing locations. It employs 58,000 people.
For more information: Parker Hannifin
