9/1/2008 5:06:00 PM
Motorola boss promised £1.8 million bonus
Motorola will pay CEO, Greg Brown a bonus, when the company sells off its
mobile phone division and floats on the stock market at over £1.1 billion.
Brown’s bonus is estimated to be worth £ 1.8 million in the form of stock
options and a further £ 0.93 million worth of restricted options.
The new package was announced in Motorola’s SEC filing last week.
The aim of the bonus is accelerate the sale of the company’s
handset arm, while still ensuring its value. The handset manufacturer has been
struggling and has lost half of its market share since 2006.
Former Qualcomm executive, Sanjay Jha was recently recruited
to head Motorola’s handset division and prepare it for the separation from the
rest of the group. His bonus will amount to £19.45 million worth of stocks and
options as well as a 3% stake in the handset manufacturer when it is sold off.
Since taking up the new position, Jha is dedicating three months
to reviewing the business before any drastic changes will be implemented.