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Preserve Your Budget by Freezing Foods -- Savings ExperimentMotorola Inc. (NYSE:NYSE) is the latest company to incur the wrath of Carl Icahn.
The Wall Street Journal (subscription required) today reported that the billionaire investor, who owns about 33.5 million shares, is "seeking nomination" to the cell phone maker's board of directors. Motorola said it's reviewing Ichan's request and has no additional details on his plans, the paper said.
This is vintage Icahn. He is a master at browbeating companies. I saw him do this up with Blockbuster Inc. (NYSE:BBI), a company that many including myself had given up for dead. The stock has soared 60 percent in the past year.
Chief Executive Ed Zander's move to cut 3,000 jobs doesn't appear to be enough to boost the bottom line. The company's profits have plunged even though it's shipping more phones than ever.
Maybe Motorola should listen to what Icahn has to say.
Jonathan Berr is the editor of http://www.desperateinvestors.com
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