Former Sun executive Edward Zander has been selected to succeed Chairman and CEO Christopher Galvin, who is
retiring.SCHAUMBURG, Ill. (AP)—Motorola Inc. has selected former Sun
Microsystems Inc. executive Edward J. Zander as its new chairman
and chief executive, succeeding Christopher B. Galvin, who is
retiring after frequent clashes with the companys board.
The Motorola board announced Tuesday that Zander, 56, was
elected unanimously. Zander assumes the new positions on Jan. 5, 2004.
Motorola president and chief operating officer Mike Zafirovski,
50, also was considered a leading contender for the post and the
only internal candidate.
In early trading on the New York Stock Exchange, Motorola shares
were up 29 cents, or 2.3 percent, to $13.08.
Zander is a managing director at Silver Lake Partners, a private
equity firm with offices in Menlo Park, Calif., and New York. He
joined the firm this year.
Before that, Zander held senior management posts at Apollo
Computer and Data General and joined Sun Microsystems in 1987 and
eventually headed its software group. He was president and chief
operating officer of Sun when he left in June 2002.
John Pepper Jr., a Motorola director and chairman of the CEO
search committee, said in a statement that Zander "is recognized
as one of the most outstanding business leaders and intellects in
the field of technology and business operations."
In his own statement, Zander said he was honored to be chosen to
lead a company he called "a global icon with a powerful base of
technology, customers and employee assets that are invaluable to
millions of users everyday."
After Galvins September announcement that he planned to retire,
the company announced it would split off its semiconductor division
and focus more on its core equipment business. Troubles continued
in the cell phone division, though, as the company acknowledged it
would not make it to market with its first camera phones in time
for the holiday shopping season.
Schaumburg, Ill.-based Motorola, which sold more than half the
worlds cell phones in the early 1990s, has fallen far behind
Finlands Nokia and has been struggling to regain its past
dominance. A huge restructuring and cost-slashing effort returned
it to profitability in 2002 after two years of losses. But a slowed
economy and sluggish demand have stymied its recovery.
The company has eliminated nearly 60,000 jobs since August 2000
and is seeking to shrink costs further by years end.
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