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SL-born CEO to receive $11.1 million in one-time payout

5 February 2016 03:24 pm - 20     - {{hitsCtrl.values.hits}}


Sri Lankan-born Alere CEO Namal Nawana would receive about $11.1 million in one-time payouts after the Alere’s acquisition completed by Abbott Laboratories, according to media reports.

Nawana took over as CEO when Alere founder and former CEO Ron Zwanzger resigned in 2014, India New England News reported on Thursday.

He was born in Sri Lanka and raised in Australia. He holds an Honors degree in Mechanical Engineering and a Masters of Medical Science degree from the University of Adelaide in Australia and an MBA from the Henley Business School in the United Kingdom.

Quoting financial filings, Boston Business Journal reported that Nawana would receive about $11.1 million in one-time payouts, which includes a continuation of his salary for 18 months, totaling $1.3 million; a $201,000 cash award; the acceleration of vesting of what the company then estimated to be $7.9 million in restricted stock and options; and another $1.65 million in gross-up payments to help cover his tax hit form the change-in-control payout.

Nawana also holds 81,000 shares of company stock worth around $4.5 million, according to Bloomberg quoted by Boston Business Journal.

He has been with the company since 2012, originally as chief operating officer. His assumption of the CEO role came after a months-long battle between the company’s former management and one of its investors, Coppersmith Capital, which had been advocating for the company to sell off less profitable parts of the business and align itself for a sale, Boston Business Journal said.

Four other officers — CFO David Teitel, and Daniella Cramp, Sanjay Malkani and Avi Pelossof, the heads of Alere’s cardiometabolic, toxicology and infectious disease units — also stand to receive change-in-control payments and benefits valued between $2.3 million and $3.6 million.

Abbott and Alere this week announced a definitive agreement for Abbott to acquire Alere, for $5.8 billion. Under the terms of the agreement, Abbott will pay $56 per common share at a total expected equity value of $5.8 billion. Once the transaction is completed, Abbott will become the leading diagnostics provider of point of care testing. Abbott’s total diagnostics sales will exceed $7 billion after the close.

Before joining Alere, Nawana held various global leadership roles during his 15-year tenure at Johnson & Johnson. He most recently served as Worldwide President of DePuy Synthes Spine, a Johnson & Johnson company. Prior to that role, Nawana held general management positions spanning the globe, including Area Vice President for Johnson & Johnson Medical in Australia and New Zealand and Chairman of the DePuy Asia Pacific Franchise Council.

  Comments - 20

  • BuffaloaCitizen Saturday, 06 February 2016 10:10 AM

    This is peanuts for an Australian Citizen in his position.

    Gamarala Wednesday, 10 February 2016 02:01 PM

    Agree with BuffaloaCitizen. This is not a large sum of money for a person holding such a high position in the Private sector in global conglomerates.

    walagambahu Monday, 08 February 2016 10:49 AM

    This is nothing compare to USD500 million "Pay out" our ex-leader received from colonel Gaddafi.

    Sylvia Haik Saturday, 06 February 2016 09:24 PM

    We should be enticing these expats to return to Sri Lanka at least as a Dual Citizen instead of placing obstacles before them. We could take a page from the UK. Many of their citizens have taken up US citizenship but they do not lose their UK citizenship unless expressly opted. They have lost nothing but left open a channel for them to return with qualifications, professions, capital and other assets.

    Upul Perera Saturday, 06 February 2016 03:49 PM

    Love to hear from Any Srilankan doing well in any part of the world.

    Upul Perera Saturday, 06 February 2016 03:46 PM

    Good News.,

    Engineer Saturday, 06 February 2016 02:55 PM

    Congratulations and greetings to lead a happy and peaceful life!

    Future CEO Saturday, 06 February 2016 01:48 PM

    Good Luck! And I will be the Next!

    Raz Saturday, 06 February 2016 11:29 AM

    Most Sri Lankans still dont understand what money laundering is and they talk nonsense via DM Android App

    Ray Saturday, 06 February 2016 10:55 AM

    this is NOT peanuts even in Australia well done gentleman you have done yourself proud with hard work and determination. via DM iOS App

    Watch Dog Friday, 05 February 2016 04:51 PM

    Do not come to Sri Lanka. You may victimized by the YAMA Rule in Sri Lanka with Money Laundering act by the VAT bribe takers

    Ahamed Saturday, 06 February 2016 10:02 AM

    Good luck sir.

    kugan Saturday, 06 February 2016 09:11 AM

    good on you ,well done, if you got spare time just look at the sl domestic matters in the local sl papers,you wonder we are living in the stone age we have kings every 4 yrs then 1st laddies then the siblings then yellow uniformed thugs go to parliments you could see the drugs ethonal murderers in white glown parrently some sexual abuse going on itseens.just come for a holiday mix up with locals you will be fine,

    chamithroshanwijenayake Saturday, 06 February 2016 08:59 AM

    Good Luck, go ahead.

    Nihal Amarasekera Saturday, 06 February 2016 07:51 AM

    Nice to hear as a Sri Lankan.

    Sri Lankan Saturday, 06 February 2016 07:50 AM

    Great news! Glad to know you have been given this payment legitimately. However, it is nothing compared to what our RAJAS have taken from the poor Sri Lankans!!!

    gaama Saturday, 06 February 2016 07:38 AM

    OK good via DM Android App

    sss Friday, 05 February 2016 07:11 PM

    No problem for him. By all means his money is legfitimate

    udi Friday, 05 February 2016 07:07 PM

    well done, make Sri Lanka name shine sir

    Bala Friday, 05 February 2016 05:44 PM

    Good on you. Well done countryman.

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