Motorola early today announced that CEO Edward J. Zander would resign January 1 and be replaced by chief operating officer Greg Brown. Brown joined Motorola in 2003 and was promoted to COO and President in March. Zander has been under intense pressure for some time now. He was included on my CEO Watch back in October. Motorola has been struggling for a while and has successfully faced down activist shareholders (e.g., Carl Icahn) who have been demanding change at the firm. For a period of time, Zander surprised most experts who thought he would be forced out or lose control to Icahn. As the company has continued to see profits decline and lose market share to rivals, however, Zander's position became more and more tenuous. Zander will remain chairman until his term expires later next year.
Before working at Motorola, Brown worked at Ameritech and AT&T.
For more:
Deal Journal (Dec 6)
Bloomberg Update 5
BBC
PR Newswire (Carl Icahn)
Bloomberg
CNN Money
TheStreet.com
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