Subject: [NEXTEL-1] Galvin stepping down as Motorola chairman, CEO

From: [email-masked]
Date: Fri, 19 Sep 2003 22:55:09 -0400

Galvin stepping down as Motorola chairman, CEO

Associated Press
Sept. 19, 2003 03:01 PM

CHICAGO - Motorola Inc. announced Friday that Christopher Galvin has 
decided to retire as chairman and chief executive.

Galvin informed the board of directors of his decision and has agreed to 
stay until a successor is named, Motorola said.

The Schaumburg, Ill.-based company, the world's No. 2 cell-phone 
manufacturer and a top semiconductor maker, has been struggling to 
regain its past dominance, with a fledgling recovery stalled by sluggish 
industrywide demand.

Galvin, grandson of the company's founder, has held the two top posts 
since 1997 and has been with Motorola for 36 years.

In a statement issued by the company, he attributed his decision to 
differences between him and the board.

"While I have achieved substantial results, the board and I do not share 
the same view of the company's pace, strategy and progress at this stage 
of the turnaround," Galvin said. "Accordingly, it is time for me to pass 
the baton to new leadership. I leave my successor with a formidable 
Motorola platform compared to three years ago, before I implemented my 
five-point turnaround plan."

The board's presiding director, John Pepper Jr., did not address any 
strategic differences in a statement distributed by the company. Pepper 
said Motorola has significantly strengthened its balance sheet and 
returned to profitability recently under Galvin, whom he said also has 
put a strong new management team in place.

"The board supports Chris Galvin's decision to retire and appreciates 
his commitment to a successful transition while the board begins its 
internal and external search for a new chairman and CEO," he said.

The leading candidate could be Mike Zafirovski, whose performance as 
president and chief operating officer has been praised. He took over 
last year when Edward Breen left to take the helm at Tyco International Ltd.

Motorola's stock surged nearly 6 percent in after-hours trading after 
closing the regular trading session down 4 cents to $11.09 a share on 
the New York Stock Exchange. It is down from a peak of more than $60 a 
share in 2000.

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On the Net:

http://www.azcentral.com/news/articles/0919Motorola-Galvin-ON.html

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