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Icahn loses bid to win seat on Moto's board
Tuesday, May 08 2007
by Jason Walsh


Despite his apparent failure to win a seat on the board of
Motorola, billionaire investor Carl Icahn has declared
victory.

Preliminary estimates of the votes cast by shareholders at
the handset manufacturer's annual meeting in Chicago on
Monday indicate that Icahn will not be elected to Motorola's
board, with the current board members all retaining their
seats. 



Motorola said final results of the poll, which follows a
bitter battle between the mobile phone maker and Icahn, will
be available within three weeks. 



In the last three months Icahn has been critical of Motorola
management's ability to steer the handset manufacturer in the
right direction and deliver real value for investors. At one
point Icahn used a full-page ad in The Wall Street Journal to
compare comments by Motorola chief executive Ed Zander to
"something straight out of Alice in Wonderland."  



Motorola had urged shareholders not to vote for the investor,
saying he was already on too many boards and lacked knowledge
of the mobile phone industry.



Icahn reportedly said at the annual meeting that irrespective
of the outcome of the poll he had won because "this company
has gotten the message." 



The financier has taken roughly a 3 percent stake in Motorola
since he revealed plans in late January to seek a board seat.
Despite seemingly losing his battle to get on the board Icahn
said he had no plans to sell his shares.





The show of support for the board from Motorola's
shareholders comes after a miserable few months for the
world's second biggest handset manufacturer. It posted losses
of USD181 million for the first quarter of this year thanks
in large part to its underperforming handset division. 



The mobile phone maker shipped just 45.4 million devices
during the period, down from 65.7 million in the previous
quarter. ENN reported last month that Motorola's share of the
global handset market had dropped from 22 percent to 18
percent.



Zander told reporters after the meeting that Motorola was
committed to bringing the handset division back to
profitability. "We remain steadfast in our commitment to
continue building value for all of our stockholders," he
said. 



He went on to mention that Motorola would unveil new mobile
devices next Tuesday based on 3G and Java technologies in a
bid to turn the handset division's fortunes around. Motorola
had blamed a lack of 3G handsets for its poor sales
performance.