CLEVELAND, Aug. 20 /PRNewswire-FirstCall/ -- Parker Hannifin
Corporation (NYSE: PH), the global leader in motion and control
technologies, today announced the retirement of Jack Myslenski, Executive
Vice President -- Sales, Marketing and Operations Support. Myslenski, age
56, will maintain his current position through April 1, 2008 during which
time he will also aid in the development of leadership transitions.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO )
Commenting on Myslenski's outstanding 34-year career at Parker, Don
Washkewicz, Chairman, Chief Executive Officer and President said, "During
his many leadership roles over the years, Jack has been an inspiration and
mentor to people both inside and outside of Parker. He has also been a
tireless advocate for our customers. Among his many accomplishments, Jack
is responsible for the dramatic improvement in our European operations
since the beginning of the Parker Win Strategy in 2001. Under Jack's
guidance, European profitability has reached the point of being nearly on
par with that of our North American business. Parker's record results in
sales, earnings and cash flow over the past four years simply would not
have been possible without Jack's contribution."
Myslenski joined Parker after graduating with a Bachelor of Science
degree in Industrial technology from Ohio University and steadily advanced
through several strategic positions including General Manager of the Hose
Products Division and President of the company's global Fluid Connectors
Group before ultimately being named Executive Vice President in 2003.
"I'd like to thank the many wonderful people I've had the honor and
pleasure to work with over the years that have built Parker into the
premier diversified global company it is today," said Myslenski. "I'd also
like to thank Parker's many customers and distributors for giving us the
opportunity to earn and keep their business."
With annual sales exceeding $10 billion, Parker Hannifin is the world's
leading diversified manufacturer of motion and control technologies and
systems, providing precision-engineered solutions for a wide variety of
commercial, mobile, industrial and aerospace markets. The company employs
more than 57,000 people in 43 countries around the world. Parker has
increased its annual dividends paid to shareholders for 51 consecutive
years, among the top five longest-running dividend-increase records in the
S&P 500 index. For more information, visit the company's web site at
http://www.parker.com, or its investor information site at
http://www.phstock.com.
Forward-Looking Statements:
Forward-looking statements contained in this and other written and oral
reports are made based on known events and circumstances at the time of
release, and as such, are subject in the future to unforeseen uncertainties
and risks. All statements regarding future performance, earnings
projections, events or developments are forward-looking statements. It is
possible that the future performance and earnings projections of the
company and individual segments may differ materially from current
expectations, depending on economic conditions within both its industrial
and aerospace markets, and the company's ability to achieve and maintain
anticipated benefits associated with announced realignment activities,
strategic initiatives to improve operating margins, and growth and
innovation initiatives. A change in economic conditions in individual
markets may have a particularly volatile effect on segment results. Among
the other factors which may affect future performance are: the company's
ability to successfully complete the announced share repurchase, changes in
business relationships with and purchases by or from major customers or
suppliers, including delays or cancellations in shipments; uncertainties
surrounding timing, successful completion or integration of acquisitions;
threats associated with and efforts to combat terrorism; competitive market
conditions and resulting effects on sales and pricing; increases in
raw-material costs that cannot be recovered in product pricing; the
company's ability to manage costs related to employee retirement and health
care benefits and insurance; and global economic factors, including
manufacturing activity, air travel trends, currency exchange rates,
difficulties entering new markets and general economic conditions such as
inflation, interest rates and credit availability. The company makes these
statements as of the date of this disclosure, and undertakes no obligation
to update them.
SOURCE Parker Hannifin Corporation
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Related links:
http://www.phstock.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Media, Christopher M. Farage -- Vice
President, Corp. Communications, +1-216-896-2750,
cfarage@parker.com, or Financial Analysts, Pamela Huggins, Vice
President -- Treasurer, +1-216-896-2240, phuggins@parker.com,
both of Parker Hannifin Corporation
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