Port Washington, N.Y.-based Pall Corporation (NYSE:PLL) is led by a man who wears two hats -- but not for long.
Ever since former CFO Lisa McDermott resigned her post in December, Pall CEO Larry Kingsley has had to serve as interim chief financial officer as well. But on Monday, the company announced that it has hired away United Technologies (NYSE:UTX) Propulsion & Aerospace Systems group CFO Akhil Johri to become CFO. Johri begins his tenure at Pall on May 1.
Johri is being richly compensated to make the jump. According to a filing with the SEC, Pall will pay Johri an annual base salary of $550,000, plus:
- an annual bonus of up to 120% of base salary
- $1.5 million in restricted stock units and stock options vesting over four years
- an "inducement equity award" of $3 million, also paid in restricted stock and options
- a $300,000 signing bonus
- and assorted other benefits
Pall shares dropped 1.8% in Monday trading, ending the day at $67.16.
Fool contributor Rich Smith has no position in any stocks mentioned, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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