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.