Motorola's besieged CEO, Edward J. Zander, will step down at the end of the year, the Wall Street Journal reports. Zander, who has been under fire from investors for a year for sluggish growth, will be replaced by current president Greg Brown. Motorola's shares rose in response to the news.
"This man got the company into a pickle," one industry told Bloomberg. "He's put the stock in the dumper." Motorola has been floundering while trying to follow the success of its Razr phone. The company slipped to No. 3 in global phone sales, behind Nokia and Samsung. "I recognize the urgency and intensity," said Brown. "We're not standing still."