Out the door…

March 5, 2004

When Kevin Gilligan, president and CEO of Honeywell’s (HON) $7 billion Automation and Control Solutions group, resigned back in January after 25 years at Honeywell, it warranted one sentence about Gilligan “pursuing leadership opportunities outside of the company” in a press release announcing his replacement But in the K filed yesterday, Honeywell provides a few more details, including the fact that Gilligan will remain on Honeywell’s payroll until July 2006. As part of his separation agreement, Gilligan will collect 18 months of base salary, which in 2002 was $590,000, another 12 months of extended base salary, plus $1.2 million in bonuses over the next 3 years. The package also includes 45,000 in unvested stock options and 100,000 shares of restricted stock.

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