Ed Zander, the embattled chief executive of Motorola (MOT-$15.81), will resign at the end of the year and will be replaced by No. 2 executive Greg Brown, the company announced today.
Mr. Zander’s reward for driving the struggling mobile phone maker’s market share down an embankment? The 2007 Annual Proxy filed in March reveals that Mr. Zander is entitled to severance, stock options (unvested and accelerated), Restricted Stock Units (unvested and accelerated), health and welfare benefits of $7.05 million, $11.89 million, $10.83 million, and $40,652, respectively. Add in the $178,630 (present value) of accumulated pension benefits, and Messer. Zander will walk away with about $30 million!
Mr. Zander’s reward for driving the struggling mobile phone maker’s market share down an embankment? The 2007 Annual Proxy filed in March reveals that Mr. Zander is entitled to severance, stock options (unvested and accelerated), Restricted Stock Units (unvested and accelerated), health and welfare benefits of $7.05 million, $11.89 million, $10.83 million, and $40,652, respectively. Add in the $178,630 (present value) of accumulated pension benefits, and Messer. Zander will walk away with about $30 million!
1 comment:
Adam:
Kind words about Zander--bottom-line, however, is how did the price of the stock--thus, shareholders--fair during his reign as CEO?
Best--
David J Phillips, Publisher
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