St. Paul, MN, November 27, 2006--H.B. Fuller said it has signed a separation agreement on Nov. 20 with Al Stroucken, its chairman, president and chief executive officer, related to his previously announced resignation.
The separation agreement allows him to leave before the March 31, 2007 expiration date of his employment agreement.
The company, which makes adhesives, sealants, coatings, paints and specialty chemical products, will take after-tax charges to earnings of $5.9 million in the fourth quarter of fiscal 2006 and $1.5 million in fiscal 2007.
These charges are related to payments to Stroucken, accelerated vesting of equity compensation awards, and charges associated with the company's supplemental executive retirement plan.
