Zander Out at Motorola; President/COO Brown to Take CEO Spot
Zander to Remain Chairman of the Board until May Shareholders' Meeeting
By Glen Dickson -- Broadcasting & Cable, 11/30/2007 6:08:00 AM
Cellular-phone manufacturer and cable-technology vendor Motorola said CEO Ed Zander will step down Jan. 1 and will be replaced by current president and chief operating officer Greg Brown.
The leadership of the 60-year-old Zander has come under pressure this year after several quarters of poor financial performance and a campaign by powerful activist investor Carl Icahn to break up the company.
Brown joined Motorola in 2003 and has headed several different businesses within the technology conglomerate. Brown also led the company's $3.9 billion acquisition of Symbol Technologies, the second-largest transaction in Motorola's history. He was named to his current post in March and joined the Motorola board at that time.
The decision to replace Zander was the "culmination of a thoughtful and disciplined process of succession planning," according to Samuel C. Scott III, lead director of Motorola's board.
"The board is delighted that Greg will serve as CEO," Scott III said in a statement. "We are confident that he will bring a combination of strategic insight, operational discipline and inspirational leadership needed for accelerated and sustained growth."
Zander will continue to serve as chairman of Motorola's board of directors until the annual meeting of stockholders in May.
"We are exceedingly fortunate to have a leader of Greg's caliber, vision and experience," Zander said in a statement. "He has been an invaluable partner and I am confident that he is the right person to be the next CEO of Motorola and lead the company through its multiyear transformation. Next year marks my 40th year in the technology industry. This is the right time for me to move on to the next phase in my life and spend more time with my family. I am grateful that I had the opportunity to lead Motorola over the last four years. It's been a wonderful experience."
No related content found.
-
No Top Articles
VIEW ALL GALLERIES
