On May 10, 2018, the boards of directors of Park-Ohio Holdings Corp. (Holdings) and its operating subsidiary, Park-Ohio Industries, Inc. (Industries), elected Matthew V. Crawford, the current President and Chief Operating Officer of Holdings and Industries, as Chairman and Chief Executive Officer of Holdings and Industries, effective immediately. Edward F. Crawford was elected President of Holdings and Industries.

Matthew Crawford will act as the principal executive officer of Holdings and Industries in his new role. In the past, Edward Crawford has been eligible under Industries' cash bonus plan for a bonus award equal to 5% of consolidated adjusted income before income taxes (adjusted for unusual and extraordinary gains and losses) (Adjusted EBT). Matthew Crawford, age 48, has served as President and Chief Operating Officer of Holdings and Industries since 2003 and as a director since 1997.

In addition to be elected President, Edward Crawford, age 80, will remain with Holdings and Industries as a director. Edward Crawford has served as Chairman and Chief Executive Officer and as a director of Holdings and Industries since 1992.