Outgoing Analogic Corp. CFO John Millerick won’t have to sweat finding a job in this economy for a while, after the Peabody imaging equipment maker agreed to continue paying his full salary and benefits, plus bonuses, until September 2010.
Millerick will stay with Analogic through September 29 of this year, when he’ll begin receiving a severance package worth more than $300,000 in salary, bonuses and benefits; any outstanding stock owned by Millerick will begin to vest on an accelerated time frame until 2011, according to a May 2007 separation agreement.
Millerick, 60, made more than $530,000 in salary, stock and bonuses in 2008 and holds about $417,000 worth of company stock, meaning he stands to make roughly $835,000 as a result of his departure, according to a recent proxy filing with the federal Securities and Exchange Commission.
He joined Analogic as CFO in January 2000, after a stint at CalComp Technology Inc.
Analogic inked a contract with new CFO Michael Levitz that calls for an annual base salary of $265,000 and a target bonus of 45 percent.
Levitz, 35, is slated to become the company’s financial chief and treasurer July 6.