Are activist shareholders forcing Ed Zander out of Motorola?

Reuters reports that rumors of Motorola Inc. (NYSE: MOT) CEO Ed Zander's imminent departure are driving up Motorola stock 3% in mid-afternoon trade.

Carl Icahn, the corporate raider -- now known as "activist investor" -- has been complaining for months about Motorola's weak cell phone sales. And Icahn has been pinning the blame on Zander.

Now another activist shareholder, Eric Jackson, who published a statement online entitled "Motorola Plan B" this week, has added to the pressure on Zander. But Jackson has the support of a mere $1 million worth of shareholders -- Motorola's market capitalization dwarfs that -- at $41 billion.

Motorola, whose shares have lost about a third of their value since mid-October on disappointing results, posted a first-quarter loss due to weak handset sales caused by a lack of advanced phones and tough price competition.

In this case, I don't know if a new CEO would make much of a difference to shareholders. But if Zander leaves, Motorola will need a new one -- and fast.

Peter Cohan is president of Peter S. Cohan & Associates, a management consulting and venture capital firm. He also teaches management at Babson College and edits The Cohan Letter. He has no financial interest in Motorola.