Stu Reed, who headed up Motorola's handset division for a brief period, received a $2 million buyout from Motorola after resigning from his post late last week. The $2 million includes his regular base salary of $445,479, which he will receive for the rest of the year, as well as a $1.5 million lump sum that releases the company from all legal claims.
"This was part of the arrangement Motorola made with Mr. Reed in connection with his departure," said a Motorola spokesperson.
CEO Greg Brown took over the day-to-day operations of the handset business after removing Reed from its helm earlier this year. The company has publicly floated plans to sell the handset business and announced its intent to find a new leader for the unit.
For more on Reed's parachute:
- read this article [1] from the Daily Herald
Links:
[1] http://www.dailyherald.com/story/?id=151779