Parker Hannifin Corporation announced that Lee C. Banks, currently President and Chief Operating Officer, has been elected by the Board of Directors to a new role as Vice Chairman and President. The Board also has elected Jennifer A. Parmentier, currently Vice President and President - Motion Systems Group, to the role of Chief Operating Officer, reporting to Banks. Berend Bracht, currently Vice President of Operations - Engineered Materials Group, has been elected to succeed Parmentier as Vice President and President - Motion Systems Group. Parmentier became Vice President and President - Motion Systems Group in 2019 and has been responsible for all fiscal and strategic aspects of the group's global operations. Prior to her current position, she served as Vice President and President - Engineered Materials Group. Since joining Parker in 2008, she has held a variety of operational roles including General Manager of the Sporlan Division, part of the Instrumentation Group, and General Manager of the Hose Products Division in the Fluid Connectors Group. Prior to joining Parker, Parmentier was Business Leader for Ingersoll Rand Trane Residential Systems. Bracht joined Parker in 2018 as Vice President of Operations - Engineered Materials Group where he has responsibility for the global operations of Parker LORD since its acquisition in 2019. Before joining Parker, from 2015 to 2018, Bracht was President and CEO of Bendix Commercial Vehicle Systems LLC. Prior to joining Bendix, he had an accomplished 24-year career at Bosch Rexroth, a drive and control technology company, including serving as President and Chief Executive Officer of Bosch Rexroth Americas.
Parker Hannifin Corporation specializes in designing, manufacturing, and selling monitoring and control systems. Net sales break down by family of products as follows:
- industrial systems (84.1%): industrial pipes, pipe connectors and adapters, oil filters, air filters, motors, hydraulic pumps and valves, pneumatic accessories, diagnostic equipment, climate control and monitoring systems (carbonic gas control systems, electronic controllers, pressure regulators, electromagnetic valves, thermostatic pressure relief valves), etc. North America accounts for 57.7% of net sales;
- aerospace systems and components (15.9%): flight control systems, fluid flow automation and monitoring systems, hydraulic components, brakes, etc. intended for military and commercial aircraft.
Net sales break down geographically as follows: North America (64.4%), Europe (19.9%), Asia-Pacific (14.4%) and Latin America (1.3%).