Shares of Motorola Inc. (NYSE:MOT) are surging pre-market after CNBC’s David Faber broke some news that is just trickling out across the web. Embattled and disliked CEO Ed Zander is out effective January 1, 2008. COO Greg Brown is replacing him, although Zander will apparently remain as Chairman until the annual meeting in May 2008.
Carl Icahn still holds a stake. Zander initially won out over that activist fight, but it looks like in the end that the inevitable has come to pass.
Zander was one of the CEO’s on 24/7 Wall St. internal list of anti-shareholder or poor CEO’s being reviewed for our 10 CEO’s THAT NEED TO LEAVE for 2008. Six of eight of our list we compiled in December 2006 were pushed out or left for 2007.
Motorola shares are trading up almost 5% at $16.40 pre-market, and the 52-week trading range is $14.87 to $22.55. This makes us wonder if the company is going to have yet another wave of earnings disappointments or technology issues coming down the pipe.
We’ll be previewing some of these to our open email distribution list in the coming days.
Jon C. Ogg
November 30, 2007
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