BALTIMORE (AP) -- The CEO of Black & Decker Corp. is passing up a $20.5 million severance package as the company merges with tool maker Stanley Works.
Regulatory documents filed Tuesday show Nolan D. Archibald, the Black & Decker chairman, president and CEO, is entitled to the money under his contract with the Towson-based company because he is technically being terminated from his job in the merger.
Stanley Chairman John F. Lundgren will be president and CEO of the new company. Archibald will serve as executive chairman for three years.
Archibald's new pay package will include an annual base salary of $1.5 million and up to $1.9 million in annual bonuses. In addition, he's eligible for stock options and awards, and another bonus of up to $45 million -- if he meets goals by the end of his three-year contract.