Ex-Honeywell CEO to Get $9 Million
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Honeywell International Inc. will pay former Chairman and Chief Executive Michael Bonsignore, ousted last month after General Electric Co.’s planned takeover collapsed, at least $9 million in severance.
Bonsignore will be paid three times his annual salary and bonus, $1.5 million each, Honeywell said in a Securities and Exchange Commission filing. European regulators rejected the $47-billion transaction because of antitrust concerns.
Bonsignore, 60, also will get retirement benefits starting in 2004 valued at 70% of his annual compensation, or about $2 million a year. The agreement mandates that Bonsignore not work for a competitor for two years or publicly criticize Honeywell.
Lawrence Bossidy, who returned from retirement to replace Bonsignore as chairman and CEO, will be paid $2 million in salary and a bonus of up to $2 million. Bossidy, 66, was given a year by the board to fix operations after the company cut profit forecasts three times within a year under Bonsignore.
Bossidy’s retirement benefits, including pension, will resume when his one-year contract is up, the Morris Township, N.J.-based company said.
Honeywell shares fell 31 cents to $36.19 on the NYSE.
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