Motorola Elects Ex-AT&T CEO To Be Chairman
David Dorman Succeeds Ousted CEO Ed Zander
By Todd Spangler -- Multichannel News, 4/9/2008 2:46:00 AM
Motorola's board of directors elected David Dorman, former chairman and CEO of AT&T, to serve as non-executive chairman, succeeding Ed Zander, the company's ex-CEO and current chairman.
Dorman's appointment comes after Motorola and activist investor Carl Icahn announced a truce Monday in their long-running feud.
Under the agreement with Icahn, Motorola will nominate two of Icahn's proposed board member candidates, investment banker William Hambrecht and Icahn Enterprises vice chairman Keith Meister. Icahn, who owns 6.4% of Motorola’s outstanding shares, has agreed to vote in support of all of the board’s director nominees.
Zander, a former Sun Microsystems executive, joined Motorola in 2004 and oversaw a precipitous decline in its core handset business. Zander will retire from his chairman position when the term expires May 5.
Motorola appointed Greg Brown as president and CEO in November, and the company is currently in the process of splitting off the mobile devices group from its other businesses.
Dorman, 54, joined Motorola's board in July 2006. He joined AT&T as president in December 2000 and served as chairman and CEO from 2002 until November 2005.
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