Parker Hannifin Corporation announced that its Board of Directors has elected company veterans Thomas L. Williams as Chief Executive Officer and Lee C. Banks as President and Chief Operating Officer, each effective February 1, 2015. Donald E. Washkewicz, who served as Chief Executive Officer since 2001, Chairman of the Board since 2004 and President since 2006, will continue as Chairman of the Board to allow for a smooth transition of his responsibilities. Mr. Williams and Mr. Banks have also been elected as members of Parker's Board of Directors, effective immediately.

Mr. Williams also currently oversees the company's strategic pricing initiatives. He joined Parker in 2003 as Vice President, Operations for the Hydraulics Group and in 2005 became President of the Instrumentation Group. Previously, he held a number of key management positions in four different business groups during a 22 year career at General Electric, including GE Capital, Aviation, Lighting and Transportation.

Previously, Mr. Banks was the President of Parker's Hydraulics and Instrumentation product groups and was Vice President of Operations in the Climate and Industrial Controls Group. He began his career with Parker in 1991 and has also held increasingly responsible positions within sales and operations management including several division general manager positions.