- Signs for push-out forces
- After around six years on the job
- Laud, praise, thanks and good wishes for Marten
- Cathy Suever taking over
- Marten made a lengthy statement and said 70 words
(exechange) — Cleveland, Ohio, April 10, 2017 — Jon Marten, finance chief of Parker, leaves. As announced by Parker Hannifin Corporation in a news release and in a regulatory filing published on Monday, April 10, 2017, Jon P. Marten leaves the post as Chief Financial Officer at the maker of motion and control technologies in a surprising move after around six years on the job, effective immediately.
Marten’s duties are taken over by Cathy Suever, currently Vice President and Controller and acting Chief Financial Officer at Parker Hannifin Corporation.
On November 21, 2016, Parker had said in a regulatory filing: “On November 17, 2016, Jon P. Marten, Executive Vice President – Finance & Administration and Chief Financial Officer of the Company, announced his intention to take a temporary medical leave of absence, effective immediately. The Company currently anticipates that Mr. Marten will return to work during the first quarter of calendar year 2017.”
During Marten’s leave of absence, Suever served as the Company’s acting Chief Financial Officer and acting principal financial officer.
Marten’s move comes 15 months after Thomas L. Williams took over as chairman of Parker.
No reason given
In the announcement published on April 10, 2017, Parker did not explicitly explain the reason for Marten’s move, opening the door for speculation.
Precise information about the future plans of Marten was not immediately available.
Parker said: “On April 5, 2017, Jon P. Marten, Executive Vice President – Finance & Administration and Chief Financial Officer of Parker-Hannifin Corporation … notified the Company of his intention to retire effective May 9, 2017.”
Parker said: “Jon P. Marten, Executive Vice President – Finance and Administration and Chief Financial Officer, will retire after 30 years of dedicated service to the company.”
Share price rise since January 2016
The change follows a rise in the share price of Parker Hannifin Corporation since January 2016.
Chaired by Thomas L. Williams
Parker Hannifin Corporation is chaired by Thomas L. Williams.
Williams has been the Chief Executive Officer of Parker-Hannifin Corporation since February 1, 2015 and its Chairman since January 1, 2016.
On the job as CFO since 2010
Jon P. Marten became Vice President, Corporate Controller in 2008 and was elected as Chief Financial Officer in November 2010.
Marten joined Parker as a financial analyst in the Aerospace Group in 1987.
He advanced through several different Division Controller positions and has been Vice President and Controller for the Instrumentation Group and the Aerospace Group, and Assistant Corporate Controller of the Corporation.
Most recently he was Vice President, Corporate Controller.
Marten has an undergraduate degree from the Virginia Polytechnic Institute and State University (Virginia Tech), and a master’s degree in business administration from Baldwin-Wallace College.
He is a member of the Financial Executives Institute (FEI), Manufacturers Alliance/MAPI CFO Council, and the Corporate Leadership Association.
From April 10, 2017, until his retirement, Marten will remain as a Vice President of the Company.
Signs for push-out forces
It is not completely certain what forces eventually triggered Jon Marten’s sudden move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 16.2017 ($).