Pall Corporation (PLL) recently announced that it has entrusted Akhil Johri with the responsibilities of its Chief Financial Officer (:CFO), replacing Lisa McDermott who resigned on March 10. Meanwhile, Pall’s President and CEO Larry Kingsley has been working as the interim CFO and will continue to do so until Johri takes charge.
Currently, Akhil Johri is serving as the CFO of United Technologies Corp. (UTX) and is due to beginhis tenure at Pall on May 1, 2013. Johri has worked at United Technologies for 26 years and most recently was the CFO of its propulsion and aerospace systems business.
Johri is a chartered accountant and a graduate from Indian Institute of Management, and has gathered rich experience working in various executive positions of multiple responsibilities. Along with operational and financial strategic restructuring, Johri has also proved himself in various other aspects of business development programs and handling investor relations.
According to a SEC filling, Johri’s annual base salary will be $550,000. His compensation package will include a senior executive bonus amounting to 80% to 120% of his base salary. In addition, he will receive a $300,000 signing bonus and $1.5 million in restricted stock units and stock options.
In the last reported quarter, Pall missed the Zacks Earnings Estimates by 2.37%, while its peers Calgon Carbon Corporation(CCC) and CECOEnvironmental Corp. (CECE) performed relatively better, reporting earnings in line with the Zacks Consensus Estimates. In such a scenario, Pall’s President and CEO Larry Kingsley appears to be extremely optimistic about Johri’s appointment. His experience in aerospace systems business will stand him in good stead and is likely to improve Pall’s performance, especially in the Aerospace segment.
Pall currently has a Zacks Rank #3 (Hold).
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