Motorola Proxy Fight Gets Ugly

The upcoming proxy battle for investor Carl Icahn getting a seat on Motorola’s board has heated up, which was inevitable. Motorola CEO Ed Zander claims Icahn was not cooperative in finding a mutually agreeable appointment to the board (suggesting only one of his employees) and suggested that shareholders question “whether Carl Icahn will act in the best interests of all Motorola stockholders, or just in the best interest of Carl Icahn,” reports FT.

Meanwhile, Icahn has called on the board to fire Zander if Motorola’s fortunes haven’t changed by the fourth quarter, and said in an interview on CNBC that “too many U.S. firms are run like “fraternities” and have “egregious salaries” and “crazy severance packages” in a reference to Motorola”, reports EETimes. Somehow I get the feeling that whatever happens on Monday, this fight is far from over.

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