Motorola lines up new CEO for mobile unit spin-off

The Schaumburg, Illinois-based company's board named Jha co-chief executive of Motorola, along with current CEO Greg Brown who will now serve as the head of the company's Broadband Mobility Solutions business.

Each leader will share responsibility for the company as co-CEO as it moves to separate into two independent, publicly traded companies, Motorola said today.

"Sanjay's technical expertise and industry experience make him ideally suited to lead Mobile Devices," said board chairman David Dorman in a statement. "As Co-CEOs, Greg and Sanjay will build on the significant changes and solid progress achieved at Motorola and the Mobile Devices business under Greg's leadership during the last seven months."

The mobile division at Motorola has been struggling after the firm failed to provide a follow-up flagship device to its once highly successful Razr line of phones.

"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," said Jha, who most recently served as chief operating officer of Qualcomm Inc and head of the firms' CDMA technologies.

Jha's contract will last three years, earning at least a $1.2 million salary this year and a bonus of $2.4 million. He will also receive 3 percent of the new company's equity when it becomes independent, according to Bloomberg. If the company does not split by October 31, 2010, he will receive $30 million in cash.