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Eaton Board elects Parmenter Vice President and Treasurer
CLEVELAND, OH....Eaton Corporation's Board of Directors today elected Robert E. Parmenter Vice President and Treasurer, effective January 1, 1997, to succeed John M. Carmont, who had made public last month his intention to retire at the end of this year.
In his new position, Parmenter's responsibilities will include management of Eaton's finance and capitalization strategy, management of investments in Eaton's pension plans, and the management of Eaton's worldwide banking activities. He will report to Adrian T. Dillon, Vice President Chief Financial and Planning Officer.
"John Carmont has done an extraordinary job managing the responsibilities of Vice President and Treasurer," Dillon said. "We will miss his contribution to Eaton's success. Bob's election is an expression of our confidence that he will continue in the tradition of performance that John demonstrated for so many years."
Parmenter joined Eaton in 1987 as Manager Pension Investments, after having worked in corporate finance for British Petroleum's U. S. headquarters in Cleveland for eight years. He was promoted to Director Domestic Finance in 1991, and in May, 1994, he was named to his most recent position, Assistant Treasurer, with responsibility for strategic planning in all treasury areas, as well as management of the company's debt and financial assets in the United States.
Parmenter holds a bachelor's degree in philosophy from Stonehill College in North Easton, Massachusetts, and an MBA in finance from Boston College. His community activities include coaching youth soccer and basketball. He is also involved in area Cub Scout activities, building Habitat For Humanity houses, and serves in leadership positions with the United Way of Greater Cleveland.
Carmont joined Eaton as a division controller in 1965 and held a number of financial positions in Europe and Latin America prior to being named Assistant Treasurer in 1977. He was elected Vice President and Treasurer in 1981.
Eaton Corporation is a global manufacturer of highly engineered products which serve vehicle, industrial, construction, commercial and aerospace markets. Principal products include truck transmissions and axles, engine components, hydraulic products, electrical power distribution and control equipment, ion implanters and a wide variety of controls. Headquartered in Cleveland, the company has 54,000 employees and 155 manufacturing sites in 26 countries around the world. Sales for 1995 were $6.8 billion.