Free

Another day….another golden parachute

There’s a few differences between the golden parachute offered to former Pulte (PHM) CEO Mark O’Brien (see below) and the one offered to outgoing Motorola (MOT) CEO Chirstopher Galvin that was detailed in the 10-Q filed a short time ago. For one, Motorola is much more discreet. When it comes to the bonus that Galvin will receive, Motorola describes it only as an average of Gavlin’s bonuses over the past 3 years. Since the 2003 bonus is not a public number yet (and won’t be until next spring), that makes it impossible to do the math. In 2002, Galvin’s bonus was $1.5 million; in 2001, it was zero. In addition, while Galvin gets to keep his company car once he steps down, Motorola never says what kind of car it is. Chances are, though, that’s its not a Hyundai! In addition to the bonus and the car, Galvin, who is still serving as CEO until a replacement is named, will begin collecting $1.4 million a year as a consultant to the company once he steps down. Add to that two years of health insurance, two years of secretarial and office support, computer support and tax and financial planning services