Motorola board would not endorse a nomination of Carl Icahn

Motorola board would not endorse a nomination of Carl Icahn

Motorola is the world’s second largest mobile phone company and is struggling to stay competitive in the market. The company has just stated that they plan to stop focusing on enhancing their market share to focus on making more profits from their devices.

The company has also announced that their board will not endorse a nomination of billionaire financier Carl Icahn to join the board.

Motorola has now urged shareholders “not to sign any proxy card” they might receive from the entities associated with Icahn.

Icahn has earlier this year said that he would seek a seat on the board. He aims to convince the board of directors at Motorola to accelerate its share buyback program due to recent weakness in its share price.

The company’s board has also revealed that they have decided not to raise Chief Executive Ed Zander’s 2006 salary of $1.5 million this year