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ZANDER'S EXIT TAKE COULD TOP $56 MIL. Disclosures bring severance package into focus; will Moto shareholders balk?(News)
Crain's Chicago Business, March, 2007
Byline: MEGHAN STREIT Motorola Inc.'s performance last year cost CEO Edward Zander his bonus, but it didn't tarnish his golden parachute. Mr. Zander's exit pay, explicitly disclosed for the first time in a company filing March 2, could range as high as $56.8 million, depending on the circumstances of his departure.
The size of the package, while not out of line with those of other big-company executives, could become another flashpoint for Mr. Zander, who is already under pressure to reverse profit declines and to fend off the unwelcome advances of activist investor Carl Icahn. Scrutiny of severance pay has heated up since Home Depot Inc. CEO Robert Nardelli's resignation triggered a $210-million payout in January. Like Mr. Nardelli, Mr. Zander was hired...
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