Want $2 million? Lose your job at Motorola. That’s how much severance the company will pay Stu Reed, former head of the its money-losing mobile phone division.
Reed’s job was to come up with a worthy successor to the Razr, Motorola’s last hit. He didn’t.
On Feb. 1, he stepped down from his position as President of Motorola’s Mobile Devices division. On March 7, Motorola said he was leaving the company.
In a SEC filing, Motorola (MOT) says today that they’ll pay Reed the rest of his base salary through the end of the year, or $445,000. (He’ll also qualify for 1/4 of his annual incentive plan, and his stock will continue to vest.) Next year, he’ll get a $1.5 million cash payout.
The good news: A billion mobile phones will be sold this year. If Motorola’s next mobile boss can fix things up, $2 million is nothing.
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