- Push-out Score determined
- After almost eight years in the position
- Praise for Williams
- Jenny Parmentier taking over
- Williams will remain as Executive Chairman at Parker-Hannifin
- Williams made a lengthy statement and said 214 words
(exechange) — Cleveland, Ohio, October 26, 2022 — Tom Williams, chief executive of Parker-Hannifin, leaves his position. As announced by Parker-Hannifin Corp. in a news release and in a regulatory filing published on Wednesday, October 26, 2022, Thomas L. (Tom) Williams leaves his post as chief executive officer at the specialist in motion and control technologies, after almost eight years in the role, effective January 1, 2023.
Tom Williams’s duties as CEO will be taken over by Jennifer A. (Jenny) Parmentier, currently Chief Operating Officer at Parker-Hannifin Corp.
“This is the right time”
Tom Williams’s departure from the CEO post is explained as follows. Williams said: “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 will remain as Executive Chairman at Parker-Hannifin
“Williams has served as Chief Executive Officer since 2015 and Chairman of the Board since 2016. To ensure a smooth transition of his responsibilities, Williams plans to continue as Executive Chairman from January 1, 2023 through December 31, 2023, at which time he intends to retire from Parker and the Board,” Parker-Hannifin said.
“Retire”
Parker-Hannifin said: “Parmentier will succeed Thomas L. Williams as Chief Executive Officer and will report to the Board of Directors.”
Parker-Hannifin further said: “On October 26, 2022, Thomas L. Williams, Chairman of the Board and Chief Executive Officer of Parker-Hannifin Corporation (the “Company”), notified the Company of his intention to retire from his position as Chief Executive Officer on January 1, 2023 (the “Transition Date”) and from his position as Chairman of the Board on December 31, 2023.”
“Not related to the Company’s financial or operating results or to any disagreements or concerns”
“Mr. Williams’ decision to retire is not related to the Company’s financial or operating results or to any disagreements or concerns regarding the Company’s financial or reporting practices,” Parker-Hannifin said.
Share price increase since October 2019
The announcement follows an increase in Parker-Hannifin Corp.’s share price of 60% since October 2019.
In the position of CEO since 2015
Tom Williams became CEO of the Company in 2015.
Williams has been the Company’s Chairman of the Board since January 2016, and the Company’s Chief Executive Officer since February 2015.
He was the Company’s Executive Vice President from August 2008 to February 2015 and the Company’s Operating Officer from November 2006 to February 2015.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Tom Williams’s move on a scale of 0 to 10.
exechange reached out to Parker-Hannifin and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 44.2022 ($).