Parker Hannifin Corp. is getting a new CEO and a new chief operating officer.
The Mayfield Heights, Ohio-based maker of motion and control technologies said its board of directors has elected company veterans Thomas L. Williams as CEO and Lee C. Banks as president and chief operating officer, each effective Feb. 1.
Donald E. Washkewicz, 64, Parker's CEO since 2001, its board chairman since 2004 and its president since 2006, will continue as chairman “to allow for a smooth transition of his responsibilities,” Parker said in a news release Jan. 21. Williams, 55, and Banks, 51, also were elected as members of Parker's board, effective immediately.
"Over the past decade, both Tom and Lee have been exposed to the entire global organization, including broad executive leadership preparation and strategy development," Washkewicz said in a statement. "They each bring significant experience with all of Parker's operating groups and have led the growth and development of Parker's position in emerging markets. They are supported by a strong management team, all with the common goal of driving outstanding results across Parker's businesses."
The company makes parts using plastic, rubber and metals.
Williams, who joined Parker in 2003, was executive vice president and operating officer at the company. During his career at the company, he has had leadership responsibility for the aerospace, filtration, engineered materials, instrumentation, climate and industrial controls, hydraulics, fluid connectors and automation product groups, and the Asia Pacific and Latin America regional groups.
He said the company's goal “will be to continue driving significant operational improvements, profitable growth and product and service innovations for our customers.”
Banks began his career with Parker in 1991.
Robert J. Kohlhepp, the company's lead director, said in a statement that Parker's board “has been focused on leadership succession for many years. This robust process has given us the benefit of evaluating the performance, qualifications and cultural fit of Tom and Lee for some time now, comparing and benchmarking them against a number of alternatives.”