Next Steps for "Plan B": Motorola's Status Quo is an Untenable Position
On July 9th, we launched our campaign through the Web for a "Plan B" for Motorola. We made the case then, and more recently in the finalized version of the plan, that the company needs to set a new course to benefit employees, customers, and shareholders.
Earlier this week, I received a letter from one of the non-executive members of Motorola's Board -- in response to our "Plan B" and my request for a meeting to discuss the matter -- stating that they will continue to take actions which they feel are in the best interests of Motorola shareholders. Full stop. No mention was made of a meeting.
I followed up by calling Mr. Dean Lindroth, head of Motorola's Investor Relations, yesterday. I alerted him of the board's oversight of my request for a meeting. He told me that he would pass along my comments to the board's secretary.
Man of his word, he did. And he also called me back today to confirm that the board's secretary and the board communicated the message they wanted to communicate in their letter. There was no oversight of my request - they simply (in my words) ignored my request.
We believe the current status quo position of Motorola is untenable. We believe change is needed and we will continue to argue for that.
From July 10th (the day after launching our campaign) through today, Motorola shareholders have suffered a decline of over 8%. The S&P500 has also dropped amidst the recent market downdraft, but only by 5.5% since July 10th. Nokia - the world's #1 handset maker - is up 1.2% during this time.
We will continue to work on behalf of all Motorola shareholders to reverse this trend - and return this company to its formerly strong leadership position. Onwards and upwards.
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