Motorola says no board seat for Icahn

Motorola Inc. said late Monday that billionaire investor Carl Icahn did not get elected to the company's board based on a preliminary estimate of a shareholder votes.

Icahn, who's accumulated a sizable stake in Motorola, sought a seat on the board as a means to pressure management to adopt measures that he believes would deliver improved returns to shareholders. He and Motorola had engaged in a war of words in the days leading up to the vote at the company's annual meeting on Monday.

Icahn himself said after the vote he did not think he won over enough shareholders to gain a spot on the board.

"The reason that I believe I'm going to lose is ... because there are three or four large mutual funds that decided, in their wisdom, not to (support me)," Icahn said.

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- Posted: 2007-05-08 09:42:57

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