Icahn Slams Motorola Management
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Carl Icahn is not a shareholder who sits around idly while a company loses money. No, he’s far more likely to shout from the highest rooftop, and that’s exactly what the billionaire is doing with Motorola management. He’s letting everyone know that he thinks they’ve blown it, and that it’s time to make a change.
Taking off the gloves in a full-page ad in Tuesday’s Wall Street Journal (rack rate price: about $180,000), Icahn slammed Motorola’s board and Chairman Ed Zander: “Motorola has stumbled and stumbled badly. Over the past six months, on this board’s watch, almost $20 billion of market value, of stockholder value, of your money, has disappeared. Motorola has suffered a critical failure in oversight and leadership that must be addressed.”
He zinged Zander, who sometimes shoots from the hip, for shouting at an office meeting: “I love my job. I hate my customers.” This is an apparent reference to Zander, who took over the company in January 2004, being frustrated by the sway cellular companies hold over his products.
Motorola management of course, does not agree with his assessment. In fact, they say it’s merely a technique he uses to rabble rouse. Icahn has helped share prices rise at many companies he’s invested in over the years, using basically the same tactics.
Resource: Sun Times
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