This story has been updated from a previous version to clarify the fact that White will not be compensated for the consulting services.
NEW YORK (GenomeWeb News) – Tony White, the current chairman, president and CEO of Applera, will perform consulting services for a period of five years following the consummation of the merger between Invitrogen and Applera unit Applied Biosystems, according to a filing yesterday with the US Securities and Exchange Commission.
The firms announced yesterday that Invitrogen will acquire ABI in a cash and stock deal valued at $6.7 billion.
The board of directors of the merged entity will have nine current Invitrogen board members and three ABI board members. Though the firms did not disclose the names of those directors, it appears White will not be one of them.
According to the SEC filing, the merged company, to retain the Applied Biosystems name, will provide White with an administrative assistant, use of company office equipment, and reimbursement for “reasonable business expense.”
An ABI spokesman told GenomeWeb Daily News that White will not receive any compensation for these consulting services.
The firms expect to complete the transaction in the fall. Invitrogen Chairman and CEO Greg Lucier and Applied Biosystems President and COO Mark Stevenson will retain their titles in the merged company.