CLEVELAND, March 11 - Parker Hannifin Corporation(NYSE: PH), the world leader in motion and control technologies, named Michael Chung, age 44, as President of the company's Asia Pacific Group and an Officer of the company. Chung replaces Joe Vicic, age 62, who will retire October 1, 2008, after more than 41 years. Chung will transition to lead the Asia Pacific Group over the next several months. After the transition, Joe Vicic will focus on providing additional leadership to acquisition and alliance activities in the Asia Pacific region until his retirement.
As leader of Parker's Asia Pacific Group, Chung will be responsible for growing sales of all of Parker's technologies and products in this important region. Chung had been Vice President of Operations for Hydraulics in Asia Pacific prior to being appointed to his new position. He also has served as Country Managing Director and as General Manager for Korea. Chung has served in positions of progressively greater responsibility in Applications Engineering and Sales since starting with Parker in 1986. He is a graduate of Carnegie Mellon University where he earned a Bachelors degree in Electrical Engineering. He also completed the Advanced Management Program at Harvard University.
"We are excited to have someone of Michael's background and experience to assume this key leadership role and are confident that he will continue the success and growth of our Asia Pacific region," said Tom Williams, Senior Vice President and Operating Officer.
Vicic's career with Parker began in August 1967 as a Sales Trainee at the Pneumatic Division. He progressed through several sales and marketing positions in Fluid Power, Fluid Connectors, and Aerospace. In 1981, Vicic became General Manager of Singapore then in 1988 became General Manager of Canada. From 1990 to 1994 he was Group Vice President of Marketing for the Seal Group. From 1994 to the present, Vicic has been President of the Asia Pacific Group.
"We thank Joe for his leadership throughout his career and particularly his success in growing the Asia Pacific region. Joe has built a strong team and business strategy that will continue our rapid growth by improving the productivity and profitability of our customers," said Williams.
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 www.parker.com/, or its investor information site at www.phstock.com/.
SOURCE: Parker Hannifin Corporation
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