Carl Icahn loses the battle for Motorola’s board seat

The billionaire financier Carl Icahn lost his battle for a seat in the board of the world’s no. 2 cell phone company, Motorola Inc., although it may seem a disappointment to others, Icahn’s still not lost hope.

"Whether Icahn is physically on the board or not, he's made his presence felt," said Motorola analyst John Slack.

Icahn has plans to keep his share of 2.9 percent in the company, and seemed optimistic after the shareholder’s meeting on Monday. He said he will be bidding next year again for the board seat.

"I think we gave them a wake-up call”. Icahn remarked. Carl Icahn started his campaign for the board seat back in January 2007, with the objective of reducing the company’s level of debt and increasing the rate of return to investors.

Carl Ichan had been pressing upon the fact of improving the company’s financial situation and also of reviving the mobile cell division. Motorola has reported loss for the first quarter, which reinforced the fact, that Carl Icahn’s was right in his stance. He suggested that the chief executive Ed Zander, should be replaced, if the financial situation continue to worsen.

"They would be well advised to pick up on the essence of what Carl Icahn is trying to say," said Espen Eckbo, the director of Dartmouth's Center for Corporate Governance. "If the sitting management team and the board implement some more aggressive strategies for shareholders, (he) may have achieved what he wanted."

Motorola did not publish the total counting of the votes, and said that they will not available for some time. During the shareholder’s meeting in Chicago, Icahn was applauded by the people present for his mandate and company’s revival objectives.

"What I wanted to do with Motorola was go on this board just to make sure, to make sure that this board is going to make management accountable," Icahn said. "But I don't know if it can happen without somebody there to make sure that the numbers are being met."