Motorola Agrees to Seat 2 Icahn Board Picks

Billionaire, company reach truce; Icahn drops proxy threat
By Jim O'Neill,  Newser User
Posted Apr 8, 2008 7:29 AM CDT
Motorola Inc. chief executive Greg Brown.   (AP Photo/Motorola Inc.)
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(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.