"Don's tenure has left a significant and enduring mark on Parker's history," said Tom Williams, Chief Executive Officer. "Among his many contributions to our company, he will be remembered most for introducing the Win Strategy, Parker's business system, which has been instrumental in transforming our operations since its introduction in 2001. Its success serves as powerful legacy to Don's visionary leadership and provides a strong foundation for us to build upon as we chart a new path to take Parker's performance to the next level."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
- Delivered 14 consecutive fiscal years of operating cash flow to sales greater than 10%, excluding pension contributions
- Increased the dividend each year as CEO and nearly doubled the payout in his last five years
- Parker's stock achieved a compound annual growth rate (including share price appreciation and dividends) of 12%, more than 2 times the annual growth rate of the S&P 500 and the S&P 500 Industrials Indices.
- Since becoming CEO in 2001 until his retirement as CEO in 2015, the market capitalization of Parker increased 249% to more than $17 billion.
About Parker Hannifin CorporationWith annual sales of approximately $13 billion in fiscal year 2015, 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 mobile, industrial and aerospace markets. Parker has increased its annual dividends paid to shareholders for 59 consecutive fiscal years, among the top five longest-running dividend-increase records in the S&P 500 index. For more information, visit the company's website at www.parker.com, or its investor information website at www.phstock.com. ###
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