8-KLeadership ChangesExhibits & Filings

Motorola Solutions, Inc. 8-K Report, Executive Changes (Aug 14, 2013)

Filed August 14, 2013For Securities:MSI

Summary

Motorola Solutions, Inc. (MSI) filed an 8-K on August 14, 2013, to report a significant change in its executive leadership. Edward J. Fitzpatrick has stepped down as Executive Vice President and Chief Financial Officer, effective immediately. The company stated that Mr. Fitzpatrick's departure is amicable and not related to any disputes regarding financial reporting or ethics. He will remain with the company in an Executive Vice President role for a transitional period and will be entitled to severance benefits. Concurrently, the Board of Directors appointed Gino A. Bonanotte as the acting Chief Financial Officer. Mr. Bonanotte, who has a long tenure with the company, brings extensive financial leadership experience. The company has initiated a search for a permanent CFO. This transition marks a key leadership change, and investors will be monitoring the company's financial strategy under new interim leadership.

Key Highlights

  • 1Edward J. Fitzpatrick has departed as Executive Vice President and Chief Financial Officer, effective immediately.
  • 2Mr. Fitzpatrick's departure is not due to any disputes concerning accounting, financial disclosures, or ethics.
  • 3Mr. Fitzpatrick will remain with Motorola Solutions in an Executive Vice President capacity for a transitional period.
  • 4Gino A. Bonanotte has been appointed as the acting Chief Financial Officer.
  • 5Mr. Bonanotte has a long history with the company, holding various global financial leadership roles since 1988.
  • 6The company has commenced a search for a permanent Chief Financial Officer.
  • 7Mr. Bonanotte's compensation has been adjusted, including a base salary increase, short-term incentive plan participation, and grants of restricted stock units and stock options.

Frequently Asked Questions

Motorola Solutions stated that Mr. Fitzpatrick's departure as CFO was not due to any disputes or disagreements regarding the company's accounting principles, practices, financial statement disclosures, or ethics policy. He will continue with the company in a transitional role.

Gino A. Bonanotte, the company's Corporate Vice President, Finance, Sales & Field Operations, has been appointed as the acting Chief Financial Officer, effective immediately. The company is actively searching for a permanent CFO.

Mr. Bonanotte's compensation has been adjusted to include an annualized base salary of $365,000, eligibility for a short-term incentive plan with a target payout of 65% of his earnings, a grant of 3,032 restricted stock units vesting over three years, and a grant of non-qualified stock options to purchase 16,040 shares at an exercise price of $57.71, also vesting over three years. He will also participate in other senior executive compensation and benefit plans.

Yes, upon his separation from the Company, Mr. Fitzpatrick will be entitled to receive severance benefits in accordance with the terms of the Company’s compensatory and benefit plans and arrangements available to senior executive officers.