AndroidGuys

Finally some Motorola news that doesn’t make us sad. Today Carl Icahn, Motorola’s second largest shareholder, agreed to drop his pending proxy war and other litigation against the company. Not out of the goodness of his heart, mind you - there’s a catch. Motorola has agreed to immediately appoint Keith Meister to its board. Meister is a managing director of Icahn investment funds.

Further, William R. Hambrecht, the founder and chief executive of W.R. Hambrecht and Company, will be nominated for their board at the annual meeting.

Icahn called today’s announcement “a very positive step for Motorola in that shareholder representatives will have strong input into board decisions affecting the future of our company.”

“In addition, the Motorola board has also taken an important step forward for corporate governance in that the separated company which includes mobile devices will be essentially free from poison pills and staggered boards, both of which, in my opinion, serve to make democracy a travesty in corporate America.” - Carl Icahn

Source: New York Times