Lawrence Kingsley, the Pall Corp. chairman and CEO who is in line for a payout of more than $100 million on the company's sale to Danaher Corp., will step down when the deal closes, according to a government filing Tuesday.
Succeeding Kingsley as chief executive will be Rainer Blair, a vice president and group executive at Danaher, according to a memo from Kingsley to employees of Port Washington-based Pall that was filed with the Securities and Exchange Commission.
"Between now and closing, Rainer will be working closely with me to plan for the transition of leadership responsibilities and to insure that we continue to execute well," Kingsley said in the memo.
Blair joined Danaher, a Washington, D.C., conglomerate, in 2010 as president of North America and Europe for Videojet Technologies, a manufacturer of thermal ink-jet technologies. He later was named president of Danaher unit AB SCIEX and then was promoted to vice president and group executive of Danaher's life sciences businesses, which includes AB SCIEX, Leica Microsystems and Beckman Coulter Life Sciences.
Blair will report to Dan Daniel, Danaher executive vice president.
Pall makes filtration and purification devices and systems for industrial and life sciences customers. In a presentation to investors and analysts earlier this month, Danaher chief executive Thomas Joyce Jr. praised Pall's growth potential in life sciences.
The $13.8 billion acquisition was announced in May and is expected to close by year's end. The deal still must win approval of federal antitrust regulators and holders of two-thirds of the outstanding shares of Pall common stock. Kingsley's memo said that the companies "are making good progress toward closing our transaction."
Based on conservative accounting, Kingsley, who joined Pall less than four years ago, is in line to receive a golden parachute worth $74.1 million. Including accelerated vesting of stock options and restricted stock he was previously granted, the total payout comes to $109.2 million.
On the day the Pall deal was announced, Danaher also announced it would split into two publicly traded companies once the Pall transaction is complete.