Bellevue, Wash.-based Esterline Technologies (NYSE: ESL ) will get a new CEO next month.
On Thursday, Esterline announced that it has hired away United Technologies Aircraft Systems President Curtis Reusser to become its own President and Chief Executive Officer, effective October 28, 2013. On that date, current President and CEO Brad Lawrence will resign these posts, albeit he will remain the company's Executive Chairman of the Board until Esterline holds its March 5, 2014 annual meeting.
Although soon-to-be CEO Reusser has worked elsewhere in the aerospace and defense industry these past 30 years (including at UTC, Goodrich before that, and General Dynamics before that), he says he is "very excited and honored to have this opportunity to lead Esterline, a company I have known and admired for many years."
For its part, Esterline is "honoring" its new CEO with an annual base salary of $750,000, plus:
- a signing bonus of $600,000
- 52,750 restricted stock units vesting over three years
- an annual bonus targeting 90% of base salary
- an annual Long Term Incentive Program bonus targeting $1.875 million
- and other bonuses and incentives.