Published in News
Motorola proxy fight begins
by David Stellmack on07 March 2008
Investor Icahn leads the fray
Casey Keller, Motorola Inc.’s Chief Marketing Officer, has exited Motorola as a result of a restructuring at the company and a proxy fight with millionaire investor, Carl Icahn. Motorola’s mobile devices business unit has been losing market share to Samsung Electronics and Nokia for over a year.
The announcement of Keller’s leaving was announced by Motorola’s Chief Executive, Greg Brown, who indicated that Keller’s position will now be jointly run by Jeremy Dale, the Marketing Chief for the Mobile Devices Unit, and Eduardo Conrado, who handles marketing for wireless networking equipment.
Brown acknowledged that 2008 will be a challenging year for the company, which has not found a replacement product as successful as its hugely popular Razr mobile phone.
On top of the challenging business environment Motorola must also contend with Carl Icahn’s attempt to stack the Board of Directors and gain more control of the company. Icahn has proposed a slate of four directors to be voted upon at Motorola’s upcoming Annual Shareholder Meeting in May, and Motorola has advised its shareholders not to vote for them.
Carl Icahn loves a good scrap and won’t give up easily. It looks like Motorola is facing some rough waters ahead.