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At the end of 2001, the board of directors of Motorola Inc. did the almost unthinkable as far as executive pay is concerned: They cut it–or at least they voted not to come through with promised bonuses and stock awards for its top executive team. Thanks to the drubbing the company stock took when the telecommunications sector imploded, the directors no longer felt the compensation was merited. “It was painful [to do],” says B. Kenneth West, a Motorola board member and chairman of the National

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