Motorola Solutions CFO steps down
The company said Fitzpatrick's departure is "effective immediately" and is not related to "any dispute or disagreement over the company's accounting principles or practices, financial statement disclosures, ethics policy or otherwise."
Motorola Solutions Chief Financial Officer Edward Fitzpatrick has stepped down, according to a regulatory filing made late Wednesday with the U.S. Securities and Exchange Commission.
The company said Fitzpatrick's departure is "effective immediately" and is not related to "any dispute or disagreement over the company's accounting principles or practices, financial statement disclosures, ethics policy or otherwise." He will remain as an executive vice president at Motorola Solutions for an undetermined period to help with the CFO transition, after which he is entitled to severance benefits. Fitzpatrick's end date for his employment at Motorola has not been determined, said spokesman Nicholas Sweers.
Sweers added that Greg Brown, Motorola Solutions' chief executive, is "looking to bring in a new perspective" and Fitzpatrick's departure was "mutually agreed upon" between the two.
Motorola Solutions has been facing a tough year, particularly in its enterprise segment, which makes communications gear for industrial customers such as retailers and logistics companies. When Motorola Solutions reported second-quarter earnings last month, it slashed its full-year revenue forecast for the second time this year.
Gino Bonanotte, who formerly oversaw financial operations for the Schaumburg-based company's sales and product operations, will serve as acting CFO. Motorola Solutions said it expects to have named a permanent replacement for Fitzpatrick by year-end. Bonanotte, 48, has been with Motorola since 1988 and has degrees from Northern Illinois University and the University of Chicago's Booth School of Business, the company said.
Fitzpatrick worked at Motorola for 15 years and was CFO for four. His tenure included the company's 2011 separation into two entities.
In a statement, CEO Brown thanked Fitzpatrick for his leadership, "especially in its transition from Motorola to Motorola Solutions."
Fitzpatrick had replaced Paul Liska, who was fired in early 2009 and later sued the company.
Source: MCCResources
