The majority of the gain came from Jha's option awards, which were worth $34.2 million, up from $7.05 million in 2010, the company said today in a regulatory filing. His stock awards more than tripled to $9.4 million.
Motorola Mobility was spun off from parent Motorola Inc, which became Motorola Solutions Inc, in January 2011 under pressure from investors led by billionaire Carl Icahn looking to shake up the company's performance. Jha helped return the handset business to growth by first slashing the range of Motorola phone varieties and then focusing on building smartphones that use Google's Android software.
Still, he wasn't able to return Libertyville, Illinois- based Motorola Mobility to profitability before agreeing to sell the company to Google for $12.5 billion on August 15. Shares of the company declined 19 per cent between its January 2011 stock market debut and the day before the Google deal was announced, before jumping 56 per cent on the day of the deal.
Jha's 2011 compensation is "significantly a result" of the incentives established for him before the spinoff and when he was hired in 2008, Motorola Mobility said in a statement today. "His actual equity award was at the low end of the possible range specified by the formula."
Google is close to naming Dennis Woodside, who led its ad sales in the Americas before leaving that job to oversee the acquisition, to run Motorola Mobility, replacing Jha when the deal closes, three people familiar with the matter said in February.
While the deal has won approval from US and European Union regulators, Chinese regulators in March extended their probe into the acquisition, the last hurdle before the transaction can be completed.
No comments:
Post a Comment