Subject: [NEXTEL-1] CORRECTED - Motorola CEO to remain as consultant for two years

From: [email-masked]
Date: Thu, 06 Nov 2003 19:02:18 -0500

CORRECTED - Motorola CEO to remain as consultant for two years
Thursday November 6, 1:26 pm ET

In CHICAGO item headlined "Motorola CEO to remain as consultant for two
years"
please read in first paragraph ... pay him the equivalent of his annual
$1.4 million
salary plus the average of his bonus for the last three years ...
instead of ... pay him his
annual $1.4 million salary plus a bonus.

In sixth paragraph, please read ...
part of Galvin's compensation
package ... instead of ... Galvin's
annual bonus. (Both correct
description of pay package)

A corrected story follows.

CHICAGO, Nov 6 (Reuters) -
Motorola Inc. (NYSE:MOT - News) will
retain Chairman and Chief Executive
Christopher Galvin as a consultant
for two years after he steps down
and pay him the equivalent of his
annual $1.4 million salary plus the
average of his bonus for the last
three years, according to a
regulatory filing on Thursday.

Galvin said in September he was resigning due to disagreements over
strategy with the
board, but will remain until a successor is named.

The world's second-largest mobile phone maker said in its quarterly
filing with the U.S.
Securities and Exchange Commission (News - Websites) that Galvin will
retire at the
end of the two-year consulting period.

Galvin, 53, has been chief executive since January 1997 and chairman
since June
1999. As Motorola grappled with a slowdown in telecoms spending over the
past few
years, investors have questioned Galvin's ability to lead the company
his grandfather
founded.

Motorola, based in the Chicago suburb of Schaumburg, Illinois, has been
facing an
uphill battle since losing its market-leading position in the cell phone
market to
Finland's Nokia (NOK1V.HE) in the mid 1990s. The company has slashed
thousands of
jobs and only recently returned to profitability after several quarters
of losses.

Part of Galvin's compensation package during his two years as consultant
will be the
average of his annual bonus for 2001, 2002, and 2003, according to the
filing. Galvin
received $1.5 million in bonus in 2001, but received no bonus in 2002.
His bonus for
2003 has yet to be determined.

Upon retirement, Galvin will become fully vested in any unvested stock
options,
restricted stock and other equity awards in addition to receiving
retirement benefits.

http://biz.yahoo.com/rc/031106/tech_motorola_2.html

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