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Motorola says preliminary results show Icahn election bid fails
New York, May 7 - Motorola, Inc. said that an estimate of votes cast at its annual meeting of stockholders indicated that the current board of directors was re-elected - and Carl Icahn was not.
"On behalf of Motorola's board of directors and management, we thank all of our stockholders for their continued support and confidence," said Ed Zander, chairman and chief executive officer of Motorola, in a news release.
"During the past few months, we have met with and listened to a large number of our stockholders, including Mr. Icahn, and we value their insights and perspective regarding Motorola.
"We are focused on executing our plan to improve the performance of our mobile devices business and building upon the strength of our strong networks & enterprise and connected home solutions businesses. We remain steadfast in our commitment to continue building value for all of our stockholders."
The proxy cards were turned over to an independent inspector and final results are expected "within a few weeks."
Icahn had been waging a campaign for election. In an April 18 letter to Motorola shareholders, Icahn vowed to serve as "an active, engaged director of Motorola, unafraid to demand management accountability and to ask the tough questions that appear to me to have gone unasked."
In addition, Icahn noted his "expertise in finance and overall business judgment" as well as his success in industries as diverse as telecom, automotive, oil and gas, gaming, real estate and biotechnology.
On Feb. 28, Icahn announced plans to acquire between $119.7 million and $500 million of the Schaumburg, Ill., communications company's common stock.
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