» Icahn Fails to Win Seat on Motorola BoardTelecommunications Industry News

Telecom News Editorials Reports Glossary

Icahn Fails to Win Seat on Motorola Board

7:10 am on May 8, 2007 | Category: Business, Corporate

Billionaire shareholder activist, Carl Icahn, appears to have failed in his attempt to gain a seat on Motorola Inc.’s board of directors, according to preliminary results released on Monday evening by the American cell phone manufacturer.

Although final results from the shareholder vote may take weeks to tabulate, Icahn effectively conceded defeat at Motorola’s annual general meeting in Chicago, Illinois.

“I think it’ll be tough for me to win,” Icahn admitted before results were released. “I congratulate them if they win. And I really hope they can produce what they say they will.”

Shortly after this, the CEO of Motorola, Ed Zander, said that he â€œvaluedâ€ the input of Icahn and all other shareholders who participated in the meeting.

“During the past few months, we have met with and listened to a large number of our stockholders, including Mr. Icahn, and we value their insights and perspective regarding Motorola,” he said. “We remain steadfast in our commitment to continue building value for all of our stockholders.”

Icahn, who together with his affiliates has amassed a 2.9% stake in Motorola, has harshly criticized Zander over the past few months, blaming the CEO for lower revenue and profits in recent quarters.

Telecommunications Industry News