Thermo Fisher chairman to retire

Paul Meister, chairman of Thermo Fisher Scientific, will not stand for re-election at the company’s May 15 annual meeting, the firm announced late Tuesday.

The terms of Meister’s retirement package has not yet been released, but if the one in place in Fisher’s last proxy is any measure, it should be worth at least $1.5 million a year. Even without that pension, Meister has quite a bit of a nest egg, cashing in 920,000 of stock options in January for some $40 million.

The retirement of Meister, the former vice chairman of Hampton-based Fisher Scientific, which merged with Thermo Electron of Waltham, Mass., last November, will leave two members from the former Fisher on the new company’s board: Bruce Koepfgen and Scott Sperling. Alan Malus, senior vice president, is the sole remaining former Fisher official among the new company’s top executives.

Fisher was twice the size of Thermo, but agreed to be acquired — and most of Fisher’s officials stepped down — after receiving millions of dollars in relation to the merger. The deal left Marijn Dekkers of Thermo installed as chief executive officer, but it did specify that the Hampton facility remain open for at least three years.

“I am delighted with the progress made to integrate the Thermo Electron and Fisher Scientific businesses,” Meister said. “Marijn Dekkers and his team have been doing a superb job and he has my complete confidence. It has been a great personal privilege to be associated with this outstanding company.” – BOB SANDERS

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