Nov 30
Makers of Mechanical -Not So Electronic- Mobile Phones, Motorola Replaces CEO
SCHAUMBURG, Ill — Nov 30, ‘07 — Mobile phone maker Motorola said on Friday, embattled Chief Executive Ed Zander will step down after a year of disappointing earnings and market share losses, raising investor hopes his successor, Greg Brown, will turn the business around and Zander, 60, will continue to serve as Chairman of the Board of Directors until the annual meeting of stockholders in May 2008.
Chief Operating Officer Brown, 47, is set to take over on Jan 1, ‘08. Motorola has been losing money and customers to rivals such as Nokia Oyj and Samsung amid criticism for failing to come up with a strong successor to its Razr phone.
Zander’s departure comes after Motorola warned in the summer that it would likely made a loss for 2007. Analysts say Motorola, which has cut 7,500 jobs this year, is struggling with a weak range of handsets.
“I am privileged to become the CEO of Motorola,” said Greg Brown. “This is a unique Company with strong technology, people and customers. I welcome this opportunity to lead Motorola successfully into the future. We have a lot to do and I am intensely focused on building shareholder value. I look forward to working closely with Ed to ensure a smooth transition.”
Since March 2007, Mr. Brown has served as President and Chief Operating Officer of Motorola and was elected to the Company’s Board of Directors earlier this year.
Prior to his role as President and COO, Brown headed four different businesses at Motorola. He also led the $3.9 billion acquisition of Symbol Technologies, the second largest transaction in Motorola’s history and an important strategic move to strengthen Motorola’s enterprise offering.
Greg Brown joined Motorola in 2003. More at Motorola.