Motorola's great deal for ex-GEC-Hirst Researcher
Sanjay Jha, who was once with GEC-Hirst Research Centre in the UK, has gone a long way, according to a recent report from the Chicago Tribune. Motorola Inc. is making a $30 million bet that as the new co-chief executive and CEO of its mobile phone business, Jha, will bring the company back to glory.
Motorola is planning to separate its mobile phone unit from its other two divisions. The split-up is expected to take place in the third quarter of 2009, with Jha leading the newly independent handset business and co-chief executive Greg Brown helming the other unit. Jha spent the last 14 years at Qualcomm, where he was most recently chief operating officer.
According to filings with the U.S. Securities and Exchange Commission, Jha has been granted about 3.6 million in Motorola stock and an additional 16.6 million in stock options that he can redeem through 2018. He will receive a base salary of no less than $1.2 million, with a bonus of $2.4 million this year and $1.2 million in 2009. Using Motorola's Tuesday closing stock price of $9.55, Jha's 3.6 million in stock is worth $34.4 million. According to Jha's employment agreement, he will receive $30 million if the separation fails to take place before Oct. 31, 2010. If the split-up goes through, Jha will get stock and stock options worth 3 per cent of the new handset company.
Jha holds a Ph.D. in electronic and electrical engineering from the University of Strathclyde, Scotland. He received his bachelor of science degree in engineering from the University of Liverpool, England. For the full article from the Chicago Tribune, click here.
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© Chilli Publishing Ltd 2008 |
27 AUG 2008 |
