Motorola Solutions (NYSE:MSI) is looking for a new CFO.
On Wednesday after close of trading, Motorola Solutions announced that its chief financial officer, Edward J. Fitzpatrick, "is no longer be serving as Chief Financial Officer." Whether this was a resignation or a firing was not disclosed. Motorola Solutions only said that "Fitzpatrick's departure is not as a result of any dispute or disagreement over the Company's accounting principles or practices, financial statement disclosures, ethics policy or otherwise."
Replacing Fitzpatrick as CFO on an interim basis is company corporate vice president for finance, sales and field operations, and 25-year company veteran Gino A. Bonanotte. In an SEC filing, Motorola Solutions advised that it is increasing Bonanotte's compensation to a $365,000 annual base salary, plus:
- a short-term incentive bonus targeting 65% of "eligible earnings"
- 3,032 restricted stock units vesting over three years
- 16,040 stock options, likewise vesting over three years
- and other "compensatory and benefit plans and arrangements available to [the company's] most senior executive officers."
Motorola Solutions is currently in the process of finding a permanent replacement for Fitzpatrick.