Carl Icahn loses bid for Motorola board seat
In one of the most hotly contested races for a corporate board this side of the Atlantic, billionaire Carl Icahn appears to have lost his bid to gain a seat on Motorola’s board of directors. Preliminary results from the shareholders vote were in on Monday night, and the numbers appeared to indicate that Mr. Icahn failed to gain enough support among investors to earn a venerable seat on the embattled company’s decision-making team. Icahn has spent the last several months fighting to buy out a 2.9% share in the company, and has been making trouble for the existing management team with his hare-brained notions of reform and progress. Motorola has been taking some flak as of late for its plummeting market share and lack of innovative handsets. Loyalty is one thing, but a little movin’ and shakin’ might do Moto some good if they have any hope of digging themselves out of the House that the RAZR built.
[Via Forbes]
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