PARKER-HANNIFIN CORPORATION (NYSE:PH) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On April5, 2017, Jon P. Marten, Executive Vice President Finance
Administration and Chief Financial Officer of Parker-Hannifin
Corporation (the Company) notified the Company of his intention
to retire effective May9, 2017. From April10, 2017, until his
retirement, Mr.Marten will remain as a Vice President of the
Company.
On April5, 2017, the Board of Directors of the Company elected
Catherine A. Suever, age 58, as Executive Vice President Finance
Administration and Chief Financial Officer, effective April10,
2017. Ms.Suever will succeed Mr.Marten as principal financial
officer and will continue as the principal accounting officer of
the Company. Ms.Suever will serve as Executive Vice President
Finance Administration and Chief Financial Officer for a term
expiring in October 2017, or until a successor is elected, except
in the case of death, resignation, or removal. Ms.Suever has been
Vice President and Controller of the Company since December 2010.
Ms.Suever is not a party to any transaction described in Item
404(a) of Regulation S-K involving the Company or
any of its subsidiaries.
On April5, 2017,
the Human Resources and Compensation Committee of the Board of
Directors of the Company took the following actions regarding
Ms.Suevers compensation effective April10, 2017:
| 1. |
approved an increase in Ms.Suevers annual base salary to $650,000; |
| 2. |
awarded an increase in Ms.Suevers General RONA Bonus target payout amount to $292,500; |
| 3. |
awarded an increase in Ms.Suevers Target Incentive Bonus target award to a target amount of $227,500; and |
| 4. |
granted Ms.Suever the following additional target LTIP award shares: |
|
LTIP Award |
AdditionalTargetLTIPAward Shares | |||
|
Calendar Year 2015-16-17 |
||||
|
Calendar Year 2016-17-18 |
2,920 | |||
|
Calendar Year 2017-18-19 |
5,983 |
About PARKER-HANNIFIN CORPORATION (NYSE:PH)
Parker-Hannifin Corporation is a manufacturer of motion and control technologies and systems, providing precision engineered solutions for a range of mobile, industrial and aerospace markets. The Company operates through segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial Segment is an aggregation of several business units, which manufacture motion-control and fluid power system components for builders and users of various types of manufacturing, packaging, processing, transportation, agricultural, construction, and military vehicles and equipment. The Diversified Industrial Segment consists of Automation Group, Engineered Materials Group, Filtration Group, Fluid Connectors Group, Hydraulics Group and Instrumentation Group. The Aerospace Systems Segment produces hydraulic, fuel, pneumatic and electro-mechanical systems and components, which are utilized on domestic commercial, military and general aviation aircrafts. PARKER-HANNIFIN CORPORATION (NYSE:PH) Recent Trading Information
PARKER-HANNIFIN CORPORATION (NYSE:PH) closed its last trading session up +1.21 at 162.23 with 911,832 shares trading hands.