LONDON (Dec. 26)—Tomkins P.L.C. has reached an out-of-court settlement with its former CEO, Greg Hutchings, who resigned from the company in October amid charges of business misconduct. Under a deal announced Dec. 21, Hutchings is to gain the release of 2.9 million Tomkins shares held in his name under two company share incentive schemes, plus another $700 000 for pension rights. He will also receive a contribution to his legal fees from Tomkins. For his part, Hutchings is to drop claims of more than $11 million against Tomkins, relating to a suit for wrongful dismissal and unpaid pension entitlements. Tomkins, meanwhile, has agreed to not pursue claims against its former boss in connection to an investigation into his running of the company.
Tomkins reaches settlement with former CEO
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