Icahn loses bid for Motorola board seat
Brian White|May 8, 2007 2:58 PM
Motorola's annual shareholder meeting took place last night, and from initial results, billionaire activist investor Carl Icahn was not elected to the company's board of directors. The fire between Icahn -- who owns 2.9 percent of Motorola's shares -- and MOTOMNGMNT has turned into a venomous circus recently. The mud from all that slinging was still fresh last night at the company's annual shareholder's meeting where Moto's board of directors was up for election. Although Motorola CEO Ed Zander responded to Icahn's failed bid by saying "we remain steadfast in our commitment to continue building value for all of our stockholders," that sentiment had not been flying with the feisty billionaire investor. Although final tabulation of board election votes is still not 100 percent final right now, it looks like Icahn will need another venue to light a fire under Motorola's butt as the company struggles to return to profitability.