- 'Cancer of Fraud' Permeates Health Care System: Critics
- US Mint to Suspend American Eagle Gold 1-Ounce Coins
- Judge Erases Couple's $525,000 Mortgage Payment
- For Many in US, It Will Be a Scaled-Down Holiday Season
- Where Do Pardoned Turkeys Go?
- Foreign Demand Boosts US 7-Year Treasury Sale
- Jobless Claims Below 500,000, Durable Orders Slip
- Activision Prepares to Double Dip on ‘Modern Warfare 2’
- Garlic Price Rises Surpass Gold, Stocks in China
- Will TCU See The "Flutie Effect?"
- Retail Earnings and Sales to Improve in Q4: Analyst
- Consumers Catching the Holiday Spirit
- It's Beginning To Look A Lot More Riskless
- Crescenzi: Claims Level Suggests End to Job Losses
- Hedge Funds Take Early Lead in Warren Buffett's 'Big Bet'
- S&P Stocks Trading at New 52-Week Highs
- 4 Food Stocks to Stuff in Your Portfolio: Analyst
- S&P at 1050-1200 Trading Range Next Year: Strategist
MOST SHARED
- Ritz-Carlton ?Struggling? in the US: President
- Garlic Price Rises Surpass Gold, Stocks in China
- S&P Stocks Trading at New 52-Week Highs
- New-Home Sales Jump 6.2% To Highest Level in Over Year
- Half of Banks' Losses May Still Be Hidden: IMF Head
- The Executive Job Search
- Consumer Mood Improves, But Anxiety Over Personal Finances
- Salvation Army's Kettles Now Credit Card-Ready
- Activision Prepares to Double Dip on ‘Modern Warfare 2’
- Where Do Pardoned Turkeys Go?
Text Size 
Responding to Carl Icahn's interview on CNBC Wednesday, Motorola [MOT
Loading...
()
] sent another letter to stockholders urging them to vote against the billionaire financier's effort to gain a seat on the cell-phone maker's board.
In the interview with CNBC's David Faber, Icahn called Motorola's management "terrible" and said they rejected his suggestion that another major shareholder could serve on the board instead of him.
In Thursday's letter, however, Motorola said: "Icahn has not given us the name of 'another large shareholder' who could serve in lieu of him. In fact, Carl Icahn has only suggested that an employee from his hedge fund staff, such as 34 year-old Keith Meister, and an additional independent director to be identified, could be added to the board in lieu of himself."
Motorola also questioned his motives for seeking a board seat at Monday's annual shareholder meeting.
“We therefore do not believe that Carl Icahn is sincere when he says that he is committed to serving on Motorola’s Board,” the company said. “We question – as (shareholders) should – whether Carl Icahn will act in the best interests of all Motorola stockholders, or just in the best interest of Carl Icahn.”
Since January, Icahn and his affiliates have bought 2.9% of Motorola's stock, a stake worth nearly $1.3 billion.
Motorola has maintained that Icahn isn't qualified for its board and has too many other involvements.
Last month, Motorola posted its first quarterly loss since 2004 amid dismal sales in its largest segment, mobile devices.
In Wednesday's interview, Icahn lashed back at Motorola, saying "earnings were so bad that the company had no measure of what they were doing." "
"We're one of the largest shareholders," Icahn said. "We don't think it's well-managed. We don't believe the board has done a good job. Today a lot of things came out --obfuscated the situation so much, that I felt I should come on."
Print
Email
- For nearly three decades, these on-call experts have been dishing advice on how to – and not to – cook turkey.
- Eric Schmidt pledges to create a virtual copy of the Iraq National Museum at Google’s expense.
- Bill Griffeth is taking a leave of absence from CNBC and Power Lunch for a year. Here's a message from Bill.
- More shoppers than ever plan to comparison-shop this season. Who will benefit?
- It may be the most unusual guide to business you'll read.
- How can you get out of debt and back on the road to recovery? Follow these ten steps.
Data is a real-time snapshot *Data is delayed at least 15 minutes