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Motorola Agrees to Seat 2 Icahn Board Picks

Posted Apr 8, 08 7:29 AM CDT in Business,  Technology 

(Newser) – Carl Icahn, who last month pressured Motorola into selling off its troubled mobile phone division, added win No. 2 yesterday in his battle with the telecommunications equipment maker, as the company agreed to nominate two Icahn’s candidates to its board, the Wall Street Journal reports. Icahn will drop his threatened proxy battle in return.

Icahn’s nominees, Keith Meister, and William Hambrecht, will be on the ballot at Moto’s May 5 annual meeting. Icahn also will drop a lawsuit that sought access to board documents. Moto's mobile division lost $1.2 billion in 2007; the company's stock has plunged 39% this year.

Source Wall Street Journal

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Motorola Inc. chief executive Greg Brown.   (AP Photo/Motorola Inc.)
Private equity investor Carl Icahn speaks at the World Business Forum in this Oct. 11, 2007, file photo in New York.   (AP Photo/Mark Lennihan, file)
Billionaire financier Carl Icahn, right, and his wife, Gail, arrive at the Motorola annual meeting in Chicago last year.   (AP Photo/Charles Rex Arbogast, File)
Private equity investor Carl Icahn speaks at the World Business Forum on Thursday, Oct. 11, 2007 in New York.   (AP Photo/Mark Lennihan)
Motorola cell phones are displayed in a New York store on Wednesday, March 26, 2008.   (AP Photo/Mark Lennihan)
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cell phones  • Carl Icahn  • proxy battle  • Motorola  • Greg Brown


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