Post a CommentZander steps down at Motorola
By Suzanne Deffree, Managing Editor, News -- Electronic News, 11/30/2007
The new year will bring Motorola Inc. a new CEO. Effective January 1, 2008, the Schaumburg, Ill.-based company will see Edward J. Zander step down as CEO and be succeeded by Greg Brown, Motorola’s current president and COO.
Zander, 60, will continue to serve as chairman of the board of directors until the annual meeting of stockholders in May 2008, Motorola said.
While Zander said in a statement today that he is making the move to spend more time with his family, it’s no secret that Motorola has seen some challenging quarters since the executive joined the company in 2004. Lackluster financial reports and lost share in the mobile market forced layoffs at the company that have cost more than $300 million in 2007 and encouraged a battle for control of the board by Carl Icahn, the billionaire Wall Street raider. With company stock hitting lows this month in the $15 range, stockholders have also made their concerns clear and Motorola has pledged to regain financial strength.
Motorola’s Samuel C. Scott III, lead director of the board, thanked Zander for his “tireless commitment” and “many contributions” to Motorola in the company’s statement. “Today’s decision is the culmination of a thoughtful and disciplined process of succession planning,” Scott said. “The board is delighted that Greg will serve as CEO. We are confident that he will bring a combination of strategic insight, operational discipline, and inspirational leadership needed for accelerated and sustained growth.”
After joining Motorola in 2003, Brown took the company’s president and COO seats in March and was elected to board of directors earlier this year. Prior to his role as president and COO, Brown headed four different businesses at Motorola and led the $3.9 billion acquisition of Symbol Technologies, the second largest transaction in Motorola’s history. Motorola credits Brown with returning the automotive business to profitability, while also leading the divestiture of that business which was sold to Continental for $1 billion. He also led the government and public safety business for four years, growing earnings over that time.
Prior to joining Motorola, Brown was chairman and CEO of Micromuse Inc., a network management software company. Before that, he was president of Ameritech Custom Business Services and Ameritech New Media Inc.
Brown was also appointed by the White House to serve on President Bush’s National Security Telecommunications Advisory Committee in May 2004.
“I welcome this opportunity to lead Motorola successfully into the future,” said Brown in the statement. "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.”
