Subject: [NEXTEL-1] Motorola CEO Gets $29Million Exit Package

From: [email-masked]
Date: Fri, 07 Nov 2003 09:15:55 -0500

Motorola CEO Gets Generous Exit Package
November 7, 2003: 6:47 AM EST

Motorola Inc. (MOT) Chairman and Chief Executive
Christopher B. Galvin, who recently agreed to resign, will
receive a departure package with a value of at least an
estimated $29 million, Friday's Wall Street Journal
reported, citing a filing with the Securities and Exchange
Commission.

Mr. Galvin, who announced in September that he would step
down after disagreements with the struggling company's
board, will receive a two-year consulting position for
unspecified work with the company worth at least $3.8 million .
According to a 10-Q report filed with the SEC, Mr. Galvin's
consulting fee will be based on an annual base salary of $1.4
million , plus an average of his bonuses for the past three
years. Mr. Galvin's 2003 bonus isn't yet known, making it
impossible to calculate the full consulting fee. However, he
received a bonus of $1.5 million in 2002 and no bonus for
2001, so even if he receives no bonus in 2003, he would
receive $1.9 million per year as consulting fees.

While the size of Mr. Galvin's package isn't unusual, one
executive-pay expert questioned the consulting arrangement
given the circumstances of Mr. Galvin's departure, as the board
lost confidence in his stew ardship. During Mr. Galvin's tenure,
Motorola, of Schaumburg, Ill., reported several unprofitable
quarters, slipped from its position as the world's No. 1
cellphone manufacturer to a distant second behind Nokia Corp.,
and laid off roughly 60,000 employees.
http://money.cnn.com/2003/11/07/technology/motorola_ceo.dj/

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