William Sullivan, the new president and CEO of Agilent Technologies, will receive an annual salary of $850,000 as well as an incentive bonus equivalent to 80 percent of his salary, increasing to 100 percent on May 1, the company said in an SEC filing on March 1, when Sullivan began his new position replacing Ned Barnholt, who retired.
Sullivan will receive 95,500 shares of Agilent stock and options for another 149,000 shares. As a condition for his employment, he will be required to attain an investment level in Agilent equal to five times his annual salary, including direct ownership of at least 20,000 shares of Agilent within five years. As executive vice president and COO, he had a salary of $650,000. If the company has a change of control, his employment agreement includes severance terms of 300 percent of his annual salary and target bonus, a continuation of his health coverage, with the company paying premiums for up to 12 months, vesting of all options, and a pro-rating of any variable pay programs.
James Cullen, who was elected non-executive chairman of Agilent's board, will receive an annual cash retainer of $260,000 deferrable to Agilent stock, and $75,000 in stock options. He is required to own 5,000 shares of Agilent stock by five years from his election to the board or the end of FY '07, the company said.
Thermo Electron CEO Marijn Dekkers received a $1.1 million cash bonus last year and will receive a salary of $1 million a year, starting April 1, and an additional 438,000 stock options, according to an SEC filing.
Guy Broadbent, president of Thermo's bioscience division,received a $191,580 bonus last year; Marc Casper, senior vice president, was awarded a $359,550 bonus; Seth Hoogasian, the company's general counsel, $223,245; and Peter Wilver, CFO, collected $196,890.
Susan Nemetz, services marketing leader in Thermo Electron's environmental instruments division, was named vice president for the Americas for the Association for Services Management International, the Fort Myers, Fla.-based trade organization recently announced.
Elizabeth Fago, the chairman of Home Quality Management, a chain of 74 nursing home facilities and a major Republican party donor, has resigned as a member of the Scripps Florida Funding Corp., a state-established panel overseeing the new Scripps Florida facility (see Q&A). Fago donated $1 million for Alzheimer's research to the new Scripps facility after being named to the oversight panel. Fago also resigned from the Palm Beach County Health Care District, according to reports in the Fort Lauderdale Sun Sentinel.