Motorola Inc.’s former president and chief operating officer, Mike Zafirovski, departed with a “separation” package totaling more than $17 million, according to a report filed with federal securities regulators.
Zafirovski announced his resignation Jan. 12 after four years with the company, including a stint as its No. 2 executive.
Zafirovski will receive a “separation allowance” of $16.8 million, including a lump sum payout of $4 million. Zafirovski, who resigned effective Jan. 31, will continue to receive his base salary through July 29, an amount totaling $468,000.
The same securities filing late Friday also said Motorola’s board last week granted Chief Executive Edward Zander 300,000 stock options with an exercise price of $15.91 per share.
