Strathclyde University passout Dr. Sanjay Jha to lead Motorola as co-chief executive officer in crunchtime!
John Anderson a Professor of Natural Philosophy at Glasgow University had no idea when he started Anderson’s Institution (became University of Strathclyde in 1964). That one of its student will lead world’s third-largest producer of cellphones Motorola Inc.
Yes that’s true; Motorola has appointed 45-year-old Dr. Sanjay Jha, former University of Strathclyde student, former Qualcomm COO, as co-chief executive officer of Motorola, and CEO of its handset division. He will also serve as co-CEO of Motorola with Greg Brown, who has been the company’s sole CEO until now. Goldman Sachs analysts Simona Jankowski and Thomas Lee called the recruitment of Jha, who was also president of the Qualcomm division that made chips for cell phones, “a big win” for Motorola and a loss for Qualcomm.
“Motorola is the pioneer in mobile devices and I am honored to become Co-CEO of this Company and CEO of the Mobile Devices business,” Jha said in a statement. “I welcome the opportunity to lead this Company into the future, while working to create a successful independent Mobile Devices company that will continue to innovate and grow for years to come.”
His base salary is no less than $1.2 million. He will receive 3.7 million restricted Motorola shares, worth approximately $35 million at the Aug. 4 stock price. He also receives loads of stock options. If the new company achieves a $1 billion market cap, Jha gets $30 million in equity. If it reaps $2 billion, he pulls in $60 million. And if the spin-off does not happen before Oct. 31, 2010, Motorola will still give Jha $30 million in cash.