The cord linking Motorola Inc. and Chairman Christopher Galvin will remain for another two years as the vendor will retain his services as a consultant on a princely $1.4 million salary plus bonus, according to a filing with the Securities and Exchange Commission.
With the bonus, he will receive at least $3.8 million. Galvin resigned earlier this year on what he saw as inconsistencies between his vision for the company and that of the company’s board. He will remain at the controls until a successor is picked.
He will get an estimated departure package of $29 million.
Galvin announced his resignation at a time the company reeled with losses in every division. But the vendor’s last quarter provided a glimmer with diminished losses and profits in some of the divisions. The details of his consulting job were not revealed in the SEC filing.
Galvin received a $1.5 million bonus in 2001, but did not get a bonus in 2002.
