Timothy Aitken, who stepped down from his position as vice chairman and president of Apria Healthcare Group last November, earned about $6.4 million from the company in 1995, according to a company proxy statement.
Now, Aitken is applying the home health expertise he gained from building Apria toward expanding his latest venture in the United Kingdom.
Aitken currently serves as chairman of a London home-care firm in which Apria holds a 27% stake. The company, Omnicare, went public last September. On June 12 its stock closed at $2.25 on the London Alternative Investment Market.
Omnicare, a supplier of oxygen concentrators, already has embarked on plans to grow by buying related businesses. Earlier this month, it announced it would acquire another British company, Amcare, which distributes medical and surgical products.
In England, Aitken is on home turf, having established himself there during the 1970s and 1980s. He's best known for running a television network and starting up the financial services group Aitken Hume with his cousin Jonathan Aitken, a high-profile Conservative member of Parliament.
When he resigned from Costa Mesa, Calif.-based Apria, Aitken said his departure would help control the company's costs. "I have decided to do my part by eliminating my own position," he said at that time.
Aitken's salary was $316,967, but he received a bonus of more than $3.1 million, according to the proxy. His bonus hinged on the success of the merger between Abbey Healthcare Group and Homedco Group that formed Apria. The deal closed last June. About $3 million of the bonus was paid by Abbey, where Aitken had been chairman, chief executive officer and president.
He received $1.8 million in severance pay when he resigned from Apria, (Nov. 13, 1995, p. 28), and the company also forgave $196,000 in outstanding principal and interest from a $1.3 million home loan.
In addition, he gained $944,173 from stock options he exercised during 1995.
Aitken continues to hold the sixth-largest stake in the company. As of April 1, he owned more than 250,000 Apria shares. The price of the stock, which began trading last month on the New York Stock Exchange, closed at $31.62 on June 11.
Steven Plochocki, Apria's chief operating officer, assumed the additional title of president, succeeding Aitken, in March.
For the fiscal year ended Dec. 31, 1995, Apria reported net revenues of $1.1 billion. The company reported a $74.5 million loss, including $68.3 million in merger-related restructuring charges.
Apria held Omnicare as a United Kingdom-based subsidiary until June 1995, when it sold Omnicare to a newly formed holding company named Stanton Industries in a deal worth $2.9 million.
As a result of that deal, when Omnicare went public last September, Apria owned a 27% stake, and Stanton owned 63%. In documents filed with the Securities and Exchange Commission, Apria estimated the value of its stake at $2.4 million as of March 6.
Aitken said as Omnicare expands, he anticipates "it will be able to benefit to a greater extent from its links with" Apria, according to a March 11 report by the London-based Extel Examiner Newswire.
An Apria spokeswoman declined to comment on the company's overseas expansion plans beyond the information about its investment in Omnicare filed in SEC reports.
At deadline, Aitken couldn't be reached through Apria or at Omnicare.