Subject: [NEXTEL-1] Motorola agrees $20m for Zander

From: Marcelrf <[email-masked]>
Date: Mon, 15 Mar 2004 01:02:39 -0500

Motorola agrees $20m for Zander
By Richard Waters
March 14 2004

Motorola, the troubled US technology company, has agreed to pay its new
chairman and chief executive officer more than $20m in signing-on bonus,
stock awards and guaranteed first-year pay.

Details of the hefty remuneration package for Ed Zander, a former number
two at Sun Microsystems, were contained in a filing made by the company
late on Friday.

Motorola also revealed it would pay an annual consulting fee of $2.23m a
year for the next two years to Chris Galvin, the man who was in effect
pushed out to make room for Mr Zander.  Mr Galvin, a grandson of the
Motorola founder, stood down after a disagreement with the board over
the pace of change at the company.  Mr Zander's remuneration will
catapult him into the ranks of the highest-paid executives in his
industry.

It is also likely to attract considerable scrutiny at a time when high
levels of executive pay have come under the microscope in the US.  Mr
Zander's package was approved by a four-person compensation committee
which included Ken West, who became one of the leading lights of the US
corporate governance movement while working for TIAA-Cref, the teachers'
pension fund.

Motorola will pay its new chairman an annual salary of $1.5m, with a
guaranteed bonus of $2m this year, according to a proxy statement filed
with the Securities and Exchange Commission.  In addition, he has
received signing-on bonuses which are worth more than $8m in all.

These include 400,000 restricted stock units worth $5.8m; a further
tranche of restricted shares worth $1.5m; $600,000 in cash; and 1.35m
options for which the company did not provide a value.  On top of this,
Motorola said Mr Zander would receive stock options worth $6.25m, as
well as further stock worth $2m.  Other benefits included in his
five-year employment contract are "reasonable" personal use of
Motorola's corporate jet, defined in its filing last week as "not less
than 100 hours annually for personal use".

The new chairman has agreed to use his own money to buy another 100,000
shares in the company. Based on the closing price of the stock at the
end of last week, this would cost him $1.7m.

http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1078381754726

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