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Last year was a good one for $31 billion Motorola Inc. and its shareholders, but an even better one for its CFO, David Devonshire. The communications equipment company rebounded from a string of lackluster years, with a 72% spike in 2004 net income on a 35% rise in revenues. Shareholders willing to hang on saw returns climb 24%, even before dividends were added in. As impressive as those numbers are, they pale compared to the 127% surge in the value of Devonshire’s total compensation package, to $8.7 million for the year. Much of Devonshire’s good fortune–more than half, in fact, according to the company’s proxy–came down to Motorola’s improved stock price, which traded around $8 at the time his 2003 grant was set, versus a price of more than $16 a year later, when he received only a slightly higher number of options.

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