Port Washington, N.Y.-based Pall Corporation 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 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.
Copyright © 2009 The Motley Fool, LLC. All rights reserved.