Motorola Mobility Director Quits
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Motorola Mobility announced the departure of WIlliam (Bill) R. Hambrecht from its Board of Directors, just a few days after the announcement of Google’s US$12.5 billion acquisition of Motorola Mobility. Hambrecht, who was nominated by activist investor Carl Icahn, will be resigning with immediate effect.
Following Hambrecht’s departure, the Motorola Mobility Board of Directors will be comprised of nine members, eight of whom are independent.
Motorola Mobility announced the departure of WIlliam (Bill) R. Hambrecht from its Board of Directors, just a few days after the announcement of Google’s US$12.5 billion acquisition of Motorola Mobility. Hambrecht, who was nominated by activist investor Carl Icahn, will be resigning with immediate effect.
Following Hambrecht’s departure, the Motorola Mobility Board of Directors will be comprised of nine members, eight of whom are independent.
Related: Google to Buy Motorola Mobility, Hedge Against Patents Lawsuit
[quote]”It has been a privilege to serve on the Board of Directors of Motorola Mobility,” said William Hambrecht. “Motorola Mobility is an iconic company and I have truly enjoyed working closely with my fellow directors, Sanjay Jha and the entire senior leadership team. I am delighted with the transaction we entered into with Google, and I look forward to seeing the benefits and new opportunities this partnership creates.” [/quote]
Hambrecht, a well-known banker, founded and has been Chairman and Chief Executive Officer of WR Hambrecht + Co since 1998. WR Hambrecht + Co is a financial services firm specializing in Internet and auction processes and providing underwriting and advisory services for technology and emerging-growth companies, according to a Washington Post report.
Before that, Hambrecht co-founded Hambrecht & Quist. In 2007, Hambrecht co-founded the United Football League, which premiered in October 2009. Hambrecht also served on the board of AOL but quit after the company bought the Huffington Post.
Interestingly, Hambrecht is known for persuading Google to use an Internet-based auction for their IPO in 2004, and is credited with popularizing the Dutch auction system that determined each share value.
[quote]“I want to thank Bill for his valuable service and guidance to Motorola and to Motorola Mobility,” said Sanjay Jha, chairman and chief executive officer, Motorola Mobility. “Bill played an instrumental role in the separation of Motorola into two independent publicly-traded companies, as well as in our recent milestone transaction with Google. On behalf of the entire Board of Directors, I wish Bill only the best.”[/quote]
