William Castell, who became vice chairman of General Electric and CEO of GE Healthcare after GE acquired Amersham last year in a $10 billion deal, is functioning under a two-year employment agreement, according to GE's proxy statement.
Castell, the former chairman of Amersham, received a base salary of $1,380,739 and a bonus of $2,877,750 million in 2004. Additionally, he received 200,000 performance share units, a metric used by GE to measure performance during his two-year employment period. The only other recipient of the share units is Jeffrey Immelt, GE's CEO. Each unit will entitle Castell to receive a quarterly cash payment equal to the dividend payable on one share of GE common stock. Some 120,000 of the units will convert into shares of GE stock only if Castell is continuously employed by GE to April 12, 2006, and if the financial results for GE Healthcare equal or exceed specified financial goals for each year in the 2004 to 2006 performance period. The remaining 80,000 PSUs will convert into shares of GE stock only if he is continuously employed by GE to April 12, 2006, and achieves specified qualitative goals with "respect to the integration of the former Amersham and GE Medical Systems businesses, as determined by the chairman of the board," according to the proxy statement. Castell also will earn 200,000 stock options for the 36-month period of the award. Additionally, when Castell leaves GE, he will be entitled to a pension calculated on the same basis as if his employment with Amersham had continued, but based on a total pension of 60 percent of his average base salary for the three years prior to his termination of employment. GE estimates his pension at $999,000 a year, with the company liable for $126,000 a year.
Waters' CEO Douglas Berthiaume received a $2 million bonus on top of his salary of $650,000 in 2004, the company said in a proxy statement filing. The company awarded a $866,250 bonus to Arthur Caputo, executive vice president; $525,000 to Mark Beaudouin, Waters' general counsel; and $275,000 to John Ornell, CFO.