Motorola CEO Received A Smaller Bonus in 2000
WASHINGTON -- Motorola Inc. Chief Executive Christopher B. Galvin's bonus fell to $1.25 million in 2000 from $1.9 million, while his base salary was unchanged at $1.28 million, according to a definitive proxy statement filed Friday with the Securities and Exchange Commission.
Mr. Galvin could also receive between $1.28 million and $2.55 million in three years under the company's long-term incentive plan if the Schaumburg, Ill.-based telecommunications company meets certain financial performance targets.
Company Profile: Motorola
President and Chief Operating Officer Robert L. Growney's bonus declined to $875,000 in 2000 from $1.2 million, while his base salary was unchanged at $975,000.
Mr. Growney could receive between $975,000 and $1.95 million in three years under the company's long-term incentive plan.
While all of the other executives bonuses decreased, Executive Vice President Frederick T. Tucker's bonus increased to $550,000 from $400,000, and his base salary was boosted to $650,000 from $390,000. Mr. Tucker could receive between $650,000 and $1.3 million in three years under the company's long-term incentive plan.
Also Friday, Motorola officials confirmed the Securities and Exchange Commission has made an informal inquiry into phone calls company representatives made to analysts, leading some of them to lower the company's first-quarter estimates.
Motorola spokesman Scott Wyman said Thursday the company is cooperating with the inquiry. "We're still saying what we've said all along, which is we have not issued or discussed any new information since we [lowered guidance] Feb. 23," he said.
Typically, in the early stages of an inquiry, the SEC sends a company a series of questions to which the company responds. Mr. Wyman said it is not unusual for companies to converse with the SEC.
The SEC does not comment on potential investigations.
On March 9, at least five analysts lowered their earnings and revenue projections for Motorola's first quarter, to be reported next month. All of the analysts previously had estimates above the median range of consensus expectations. |
