LONDON (Feb. 12)—Tomkins P.L.C. has hired James Nicol, previously president and chief operating officer of Canadian components group Magna International Inc., as its new CEO, effective Feb. 18. He succeeds Greg Hutchings, who left the company 16 months ago. To attract Nicol, Tomkins put up a generous pay and bonus package linked to the group's performance over the next three years. This includes an annual salary of $1.05 million plus bonuses and share options worth at least four times this amount. "He (Nicol) has an extremely strong industrial and manufacturing track record, has excellent contacts within all areas of the automobile manufacturing world and has demonstrated a proven ability to create value for companies and their shareholders," Tomkins Chairman David Newlands said in a prepared statement.