Motorola
Motorola Inc. said Friday Stu Reed, formerly president of its troubled mobile device business, has left the company effective immediately.
A company spokeswoman said Reed had been preparing for his departure after the company announced last month that Motorola chief executive Greg Brown would take over direct control of the division, which saw sales and margins fall last year.
Reed had led the division since last summer. A company spokeswoman said she did not know what Reed’s plans are following his departure.
Motorola shares soared last month when the company said it may sell the mobile division, which accounted for $19 billion of Motorola’s $36.6 billion in sales last year.
Motorola’s cell phone profit margin and sales slipped last year, and the company fell to 3rd place on the global cell phone market behind Nokia (NOK) and Samsung Electronics Co (SSNG.Y).
It was the second major departure announced this week as Motorola struggles to win back Wall Street’s confidence payday advance. The company said Thursday its marketing chief, Casey Keller, quit at the end of last week after 17 months in the post. Motorola said marketing will be handled by Keller’s two former deputies.
Motorola (MOT, Fortune 500) shares fell 12 cents to close at $9.82.
Filed under: money by Fred