Motorola "Plan B": One Week Later
It's been just over one week since I launched the Motorola "Plan B" campaign.
Here are quick stats: we now have 122 individual investor supporters with collective shares in Motorola of just under 600,000 - or about $12 million.
How does this compare with Yahoo? At the end of the first week of that campaign which launched on January 7th of this year, we had about 10 supporters with a few hundred shares of stock.
After a 7 month campaign for Yahoo's "Plan B", we had about 100 shareholders with a combined 2.1 million shares worth $56 million.
Clearly, we're way ahead of our previous effort with Motorola. However, more work lies ahead of us.
We have been receiving many new suggestions for additions to the "Plan B" - especially from Motorola employees. We will finalize the plan in early August, based on the suggestions. We'll then forward it on to the Board and ask for a meeting to discuss our recommendations. Please keep the suggestions coming and keep spreading the word to other Motorola shareholders to pledge towards our campaign.
We have already reached out to 9 of the 10 largest holders of Motorola stock and sent them a copy of our draft plan. We will continue to kepp them updated on our progress and look to solicit and incorporate their views into the plan.
I have been surprised at how high the levels of support from current Motorola employees has been so far. We appreciate the support and respect the trust you've placed in us to push hard. All of you believe in this company. That's why you reached out to get involved. As one supporter said: Dissent is the highest form of patriotism.
We believe in you and we believe in Motorola.
1 comments:
Please add another point to your Plan B -- "Negotiate away any golden parachute provisions in the contracts of Ed Zander or his staff."
It is unconscionable that someone could get $30 million simply for leaving the company.
Short of criminal misconduct, this type of payout exhibits gross disregard for the employees and shareholders, and does not serve as a vote of confidence in the company.
And if the company is taken private or bought out, the severance check will be $56 million.
Regardless of who leads the company, this governance issue requires immediate and public attention by the Board.
A repeat of the Bob Nardelli debacle at Home Depot is the last thing that Motorola needs.
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