Motorola CEO Jha getting $66M in Google deal
NEW YORK (AP) — Cellphone maker Motorola Mobility Holdings Inc. on Wednesday revealed that CEO Sanjay Jha stands to get $66 million if the deal to sell his company to Google Inc. goes through.
A regulatory filing by Motorola shows that Jha will get $13.2 million in cash and $52.4 million for his stock options and shares if the $12.5 billion acquisition is completed.
The deal was announced a month ago. The companies expect it to close by the end of the year or early next year, after getting antitrust approval.
Shareholders of Motorola will vote at a special meeting on the deal and the "golden parachute" payments to executives. The date has not been set yet.
Jha was hired by the old Motorola Inc. in 2008 to be co-CEO and guide its cellphone unit to independence. When the split-up from the rest of Motorola (now called Motorola Solutions) finally took effect in January, Motorola Mobility's board granted Jha enough stock and options to give him 1.8 percent of the company, when fully vested. The grants are supposed to vest over several years, but they will vest immediately if the company is sold.
The cash portion of the golden parachute is equal to three times Jha's base salary and bonus.
A filing by Google on Tuesday revealed that it raised its purchase offer for Motorola Mobility by 33 percent during negotiations.
Daniel Moloney, Motorola's president stands to gain $15.7 million from the acquisition.