Motorola CEO Ed Zander has resigned from his post effective January 1, 2008. The company's board of directors elected president and COO Greg Brown as Zander's replacement. Zander will continue to serve as chairman of the board until the company's annual stockholders meeting in May 2008.
Signs of Zander's forthcoming resignation became widely apparent in March when he made defensive comments about Motorola's recent financial performance at the Goldman Sachs' 2007 Technology Investment Symposium. "It's a hard business to stay on top of your game quarter after quarter," Zander said at the time. "You have to have an almost maniacal focus." The comments came after a rough financial quarter for the handset maker, which has been under constant pressure since its hit phone the RAZR had lost steam and next-generation versions failed to keep up its record setting pace.
"Next year marks my 40th year in the technology industry. This is the right time for me to move on to the next phase in my life and spend more time with my family," Zander said in a statement. "I am grateful I had the opportunity to lead Motorola over the last four years. It's been a wonderful experience."
Brown assumed the role of president and COO since March and joined the company's board earlier this year, too. Brown headed four different business units at Motorola prior to his recent promotion, and he also spearheaded the company's largest acquisition to date: the $3.9 billion acquisition of Symbol Technologies.
For more on Zander's resignation and Brown's appointment:
- read this press release from the company