Motorola sues former employee turned Apple exec for ganking trade secrets
[Via CNET]
Posts with tag moto
Things have been looking pretty bleak for Motorola and its attempts to salvage its handset division for some time now, but a number of analysts are now painting an even clearer picture of just how bad things might be. According to BusinessWeek, some analysts are saying that with spin-off plans looking less and less likely, Motorola may revert back to its original plan to sell off the handset division outright, although Envisioneering Group's Richard Doherty says it "would be lucky to fetch $500 million." As BusinessWeek points out, that very same analyst pegged the business at a hefty $8 billion just last year. Analyst Richard Windsor of Nomura even went so far as to say that Motorola might actually have to pay someone to take the division off its hands. Now that's an idea we can get behind.
We won't say that Motorola's on the up and up, but just after ridding itself of that pending litigation between it and Carl Icahn comes word that a fresh face will be succeeding Ed Zander as non-executive Chairman of the Board. David Dorman, former chairman and CEO of AT&T, has been selected by Moto's Board of Directors to take over Zander's chairman seat after he retires on May 5th. According to Greg Brown, president and CEO of the company, he feels that Dorman is "ideally suited to serve as Motorola's chairman," and he made known his excitement about working with Dave as it "moves forward with its plan to create two independent publicly traded companies and improve the performance of the Mobile Devices business." Good luck in there, Mr. Dorman.
Good news coming from the Motorola camp? Say it ain't so! The long-standing feud between the flagging company and investor Carl Icahn has finally come to an end, and lo and behold, the pending litigation between the two has even been dismissed. Apparently the two parties managed to agree that (effective immediately) Keith Meister, a managing director of the Icahn investment funds and principal executive officer of Icahn Enterprises would be "appointed to serve on the [firm's board of directors]," and William R. Hambrecht, founder, chairman and CEO of WR Hambrecht + Co. and co-founder of Hambrecht & Quist, would be "nominated for election" during the 2008 annual shareholders meeting. Heck, Moto's even soliciting Mr. Icahn's input in dealing with the hopeful separation of businesses -- but then again, it would probably take advice from just about anyone given the current state of affairs.
The tough times just don't seem to end at Motorola -- the company announced today that it's laying off another 2,600 workers, for a total of 10,000 positions eliminated since the start of 2007. That's on top of the various high-level executive departures that have been taken place lately, not to mention the company's plan to split off its mobile phone business, which will undoubtedly lead to more cuts down the line. The goal is to reduce costs by some $500M by the end of the year, and some of the jobs being lost come as Moto closes a factory in Singapore and a WiMAX development lab in Florida. There's no word on when the cuts are going to come, but here's hoping all these aggressive steps lead to a little vacation for Sad Moto here.
Merely days after Stu Reed racked up as he waltzed out of Motorola's doors for the final time, and nary a fortnight after the same firm's chief marketing officer did the same, along comes word that two more bigwigs have now left the building. Effective immediately, Larry R. Raymond has replaced Steve Strobel as treasurer, while Stephen Nolan "is taking over as the head of mobile devices in Europe, Middle East and Africa (EMEA)" -- a position that was held by Mike Fenger just last week. According to a company spokeswoman, the "leadership changes are part of an overall plan to swiftly transform the senior executive team." Hey, if it's lookin' for turnover, it's certainly doing something right. [Warning: Read link requires subscription]







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