Motorola announced that activist investor Carl Icahn is seeking a seat on the handset makers board of directors, after a couple of less-than-stellar quarterly earnings. Icahn currently owns 1.4 percent of the company's shares and a vote on Icahn's nomination will commence during the annual shareholders' meeting, which has yet to be scheduled. Moto CEO Ed Zander has already taken steps to increase profitability at Motorola, including slashing 3,500 jobs. Zander was also recently elected to the board of Time Warner, which knows Icahn very well: He attempted to take over Time Warner through a contentious proxy fight. He has since given up that fight.
For more on Icahn's bid for the Motorola board:
- see this WSJ article (sub. req.)