Q: How does an imploding cell phone company reward its employees?
A: By firing them — and yanking their bonuses.*
The self-destructing company, whichcanned 2,600 workers last quarter, has told the remaining ones that they won’t be getting any extra stock for their efforts. Not a shock, given that Motorola (MOT) has been in free fall for years. But presumably someone in Schaumburg has been working their tail off and isn’t to blame for management’s many missteps. Here’s hoping they land at a more grateful company, soon.
The SEC filing is here, but no need to click through. It’s all of one sentence long: “On April 21, 2008, the Compensation and Leadership Committee of the Board of Directors of Motorola, Inc. approved the cancellation of the 2006-2008 performance cycle and the 2007-2009 performance cycle under the Company’s Long Range Incentive Plan of 2006 without the payment of awards for such performance cycles.”
*A reader (below) tells us he works at Motorola and that he and his colleagues in fact just got their bonuses. We’re glad to hear that. Anyone want to explain which bonuses MOT isn’t paying out?
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