Parker Hannifin Corporation today announced the retirement of Donald E. Washkewicz, Chairman of the Board of Directors and former Chief Executive Officer and President, after 43 years of dedicated service. Mr. Washkewicz will step down as Chairman of the Board effective December 31, 2015 but will continue as a member of the Board of Directors.
Mr. Washkewicz began his career in 1972 as an engineer in the Hose Products Division, famously getting his hands and work clothes greasy repairing hose assemblies at a truck depot as a first assignment. He moved on through progressive engineering roles and became a research and development manager. In 1982, he assumed his first General Manager role at the newly formed Parflex Division. Subsequently, he showcased his leadership capabilities as a Vice President of Operations in the Fluid Connectors Group and later as Group President of Hydraulics. He was named President of Parker in 2000 and became Chief Executive Officer in 2001. He was elected Chairman of the Board in 2004.
Parker’s performance under Mr. Washkewicz’ tenure as CEO included the following highlights: sales more than doubled from $6.1 billion in fiscal 2002 to $13.2 billion in fiscal 2014, completed 102 acquisitions adding more than $5 billion in annualized revenue, net income rose from $130.2 million in fiscal 2002 to $1.0 billion in fiscal 2014, since becoming CEO in 2001 until his retirement as CEO in 2015, the market capitalization of Parker increased 249% to more than $17 billion.
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