Symbol CEO: Great work if you can get it

Summary:Footnoted.org has a fine post on the perks of being CEO of RFID/barcode company Symbol Technologies when Motorola comes calling.

Footnoted.org has a fine post on the perks of being CEO of RFID/barcode company Symbol Technologies when Motorola comes calling.

From Footnoted:

"It never ceases to amaze me how creative companies get when it comes to naming different bonuses. It almost makes you wonder where they come up with some of the names. Take the merger proxy that Symbol Technologies filed relating to its $3.9 billion acquisition by Motorola. Under his existing separation agreement with Symbol, which coincidentally enough was altered just a few months before Motorola announced the acquisition, CEO and President Sal Iannuzzi was set to receive a $4 million "separation payment". But since Iannuzzi is likely to stay on post-merger, the $4 million is now being called a "transaction bonus". Post-merger, Iannuzzi will make $1 million a year, making him the second highest paid executive at Motorola. Equally interesting is that Iannuzzi took over as interim president and CEO of Symbol on Aug. 1, 2005 and that it took only three days for Motorola’s CEO, Ed Zander, to reach out to Iannuzzi to talk about a potential merger."

Hmm. Makes you wonder how the execs at Good Technology and Netopia are going to make out.

Topics: Mobility

About

Larry Dignan is Editor in Chief of ZDNet and SmartPlanet as well as Editorial Director of ZDNet's sister site TechRepublic. He was most recently Executive Editor of News and Blogs at ZDNet. Prior to that he was executive news editor at eWeek and news editor at Baseline. He also served as the East Coast news editor and finance editor at CN... Full Bio

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