By Tess Stynes
Motorola Solutions Inc. (MSI) said Chief Financial Officer Ed
Fitzpatrick is leaving the company, and it named finance executive
Gino A. Bonanotte to fill the role until a permanent successor is
found.
A Motorola Solution spokesman said the CFO's departure was
mutually agreed upon by Mr. Fitzpatrick and the company's Chairman
and Chief Executive Greg Brown. A date for Mr. Fitzpatrick's exit
hasn't been determined and he will stay on to assist in the
transition process, according to the spokesman.
The provider of public-safety radios, handheld scanners and
telecommunications-network gear is aiming to find a permanent
successor before the end of the year.
Mr. Fitzpatrick, a 15-year Motorola veteran, had been CFO since
early 2009. In a statement Mr. Brown credited him with successfully
leading "the finance organization over the past four years,
especially in its transition from Motorola to Motorola
Solutions."
"He also played a key role in the establishment of our financial
long-range plan," Mr. Brown said.
Mr. Bonanotte, a 25-year Motorola veteran, had held a number of
key global financial leadership positions with the company. Most
recently he has served as vice president overseeing financial
operations for the company's sales and product operations
organization.
Motorola Solutions last month reported that its second-quarter
earnings improved 42% as the company recorded a tax benefit, though
revenue at both its segments declined.
Shares were up 13 cents at $57.84 in light after-hours trading.
Through Wednesday's close, the stock is up 3.7% this year, trailing
the broader market.
Write to Tess Stynes at tess.stynes@wsj.com
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