Motorola has one hell of a mess on their hands.
Paul Liska, Motorola’s former CFO, thought he was laid off due to the company delaying the spin-off of its cell phone unit. He was unpleasantly surprised when he read on Crain’s Chicago Business that he was actually fired for cause.
In the official SEC filing, Motorola claims that Liska had been“involuntarily terminated for cause”. This means that he must give back his $400,000 signing bonus and forfeit the stock options he got when he came on board with Motorla.
Motorola claims that he was fired for ”willful and continued failure to substantially perform duties” and “gross misconduct.”
Is there something else going on here behind the scenes, or is the economy so bad that companies are doing whatever they can to pinch pennies here and there, no matter the cost?
Related articles by Zemanta
- Motorola Suspends Dividend Amid $3.6 Billion Loss (nytimes.com)
- Motorola loses $3.6B US in Q4, CFO departs (cbc.ca)
- Motorola loses $3.6bn in last quarter (computing.co.uk)
- Motorola loses ground to rivals (news.bbc.co.uk)