CEO of Port Washington Company to Get $109.2 Million Golden Parachute

The CEO of a filtration and purification company with headquarters in Port Washington will receive substantial benefits once the company is acquired by Danaher Corporation for $13.8 billion.

Chairman and CEO of Pall Corp. Larry Kingsley will get a golden parachute worth more than $109.2 million when the acquisition closes, according to Newsday.

Pall Corporation, announced that it will be acquired by Danaher Corporation on Wednesday, May 13. The acquisition is expected to be completed by the end of the year, according to Pall Corp.

Kingsley, who helped triple Pall Corp.’s stock since he joined the company in October 2011, would be paid more than $2 million for each month he worked at Pall Corp, Newsday reports.

Kingsley said in a statement that this transaction will created an “incredible opportunity for long-term growth that will benefit all of our stakeholders.”

Reuters says that there is a strong demand for advanced purification systems and that the filtration market is expected to expand.

Danaher will split Pall Corp. into two companies: a science and technology company and an industrial company, according to Reuters.

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