Zander to quit Motorola
Motorola CEO Ed Zander to step down at start of January
Motorola CEO Ed Zander has announced that he will step down from the position as of 1st January 2008.
The former Sun Microsystems president said in a statement that he wanted to spend more time with his family. He will remain as chairman of Motorola until May 2008.
Motorola has cut 7,500 jobs this year, and has also issued a profits warning in July for Q2 2007, citing poor handset sales.
Greg Brown, currently president and COO of Motorola will take over as CEO from January. Brown has previously headed up four business divisions of Motorola, and led the acquisition of Symbol Technologies.
Stock markets reacted favorably to the news, with Motorola shares rising 2% in New York on Friday.
Zander said in a statement: "Next year marks my fortieth year in the technology industry. This is the right time for me to move on to the next phase in my life and spend more time with my family. I am grateful I had the opportunity to lead Motorola over the last four years. It's been a wonderful experience."