Icahn seeks a seat on Motorola's board.

January 31, 2007 - 1:39AM | Motorola

In a interview on the cnbc.com this afternoon, the large investor shareholder in Motorola Carl C. Icahn, it has said that wants seat on Motorola's board. Icahn controls 1.4% of the 12 million outstanding shares of motorola.

"If they want to be money managers, they can go to Wall Street," Icahn said in a telephone conversation with [CNBC's David ] Faber. "Why sit on $12 billion, earning 3%?"

Icahn said he wants Motorola to return cash to shareholders in the form of a stock buyback and take on more debt. Actually, there are 13 directors on the cell-phone maker's board, that are elected each year. Motorola Inc (MOT) rose sharply Tuesday up to 6.94% on news that Icahn was seeking a board seat.

Source: cnbc.com Print this page Tell a friend



Save This Page




Post a comment

Please enter your name:

Email address:

URL:

Comment:

Note: Email addresses are logged by our mail server, but the information is not used for any marketing purposes