Motorola's (NYSE: MOT) plan to spin-off its handset division isn't good enough for Carl Icahn: "We believe Motorola is finally moving in the right direction, but certainly still has a long way to go."
Last year, Icahn was rebuffed in his efforts to gain a seat on the board and send then-CEO Ed Zander packing. With the company continuing to underperform badly, Icahn's latest effort to add his people to the company's board of directors could find a better reception the second time around.
I'd like to ask that big institutional investors who voted against Icahn's proxy contest what they were thinking. In spite of his reputation as a rapacious vulture, Carl Icahn is someone that every investor should be delighted to have on the board of directors at a company he owns a stake in.
Back in October, Icahn said this about Motorola: "There is value there, and if that value doesn't manifest itself I, as an activist, would think very seriously about coming back."
I think it's fair to say that the value has failed to manifest itself and now King Icahn is back with a vengeance. Hopefully Wall Street will listen up this time.
Icahn says Motorola spin-off is just the beginning
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