Donald E. Washkewicz led Parker-Hannifin Corporation as CEO from 2001 until 2015. During his time, he was known for his strong focus on performance-based pay, which linked executive compensation directly to the company's success. This alignment fostered growth, resulting in...
Donald E. Washkewicz led Parker-Hannifin Corporation as CEO from 2001 until 2015. During his time, he was known for his strong focus on performance-based pay, which linked executive compensation directly to the company's success. This alignment fostered growth, resulting in Parker-Hannifin reaching record sales and profits. Under his management, the company implemented the "Win Strategy," which emphasized financial metrics like free cash flow margin and return on net assets. In 2014, his total compensation peaked at over $15 million, with significant bonuses reflecting Parker-Hannifin's impressive performance. Notably, Washkewicz didn't rely heavily on stock options, opting instead for cash incentives to drive results. He also played a pivotal role in the transition of leadership in 2015 when he stepped down as CEO but continued as Chairman. His career highlights the impact of tying leadership rewards to company performance, ensuring a mutually beneficial outcome for both executives and shareholders.