Cleveland, Oh., USA - November 30, 2010, Cleveland, Oh., USA - Parker Hannifin Corporation, a manufacturer of motion and control systems, announced that Timothy K. Pistell, executive vice president, finance and administration and chief financial officer, will retire.
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Mr. Pistell joined Parker in 1969 as Parker's first corporate accounting trainee, and has served in various financial management positions.
He was named Executive Vice President in April 2005, and prior to that became CFO in 2003 when he was named to the position of Vice President - Finance and Administration and Chief Financial Officer. Previously, he served as Vice President, Treasurer; Director, Business Planning; and Vice President, Finance/Controller, located in England.
In October of 2008, he won the Crain's Cleveland Business CFO of the Year Award in the Large Public Company category, and in 2010 was chosen as Best CFO by Institutional Investor magazine in the Machinery Sector, and was named as part of the 2010 All-America Executive Team.
Mr. Pistell plans to remain with the Company as Executive Vice President until March 31, 2011 to allow for a smooth and orderly transition of his responsibilities.
The Board of Directors has elected Jon P. Marten, currently Vice President and Controller, to replace Mr. Pistell as Executive Vice President - Finance and Administration and Chief Financial Officer, effective immediately.
Mr. Marten became Vice President and Controller in August 2008 where he had responsibility for financial reporting and accounting as the company's Chief Accounting Officer. He also has an important role with the Audit Committee of the Board of Directors, and a leadership role on the company's Disclosure Committee. Jon joined Parker as a financial analyst in the Aerospace Group in 1987.
He advanced his career through several different Division Controller positions, and has held Vice President and Controller positions for the Instrumentation Group and the Aerospace Group. He has also held the position of Assistant Corporate Controller of the Corporation. ■