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Motorola Chief Christopher Galvin Resigns
Sep 22, 2003
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Christopher Galvin resigned as chairman and chief executive of struggling Motorola Inc., ending an often-rocky 6 years at the helm of the telecommunications giant his grandfather founded 75 years ago.

Mr. Galvin cited differences with the board over the progress of the stalled turnaround at the world's No. 2 cell-phone manufacturer, which also is a top semiconductor maker. He has agreed to stay on until a successor is named, the company said.

Motorola, which sold more than half the world's cell phones in the early 1990s, has fallen far behind Finland's Nokia and has been struggling to regain its past dominance. A huge restructuring and cost-slashing effort returned it to profitability in 2002 after 2 years of losses. But a slowed economy and sluggish industrywide demand have stymied its recovery.

The company has eliminated nearly 60,000 jobs since August 2000 and is seeking to shrink costs further by year's end through attrition and outsourcing.

Although analysts and investors have called in the past for Mr. Galvin's resignation, the company characterized his departure as a retirement and said the decision was his alone and was not precipitated by any particular development. Spokeswoman Jennifer Weyrauch said Galvin informed directors in a 7:30 a.m. EDT conference call, 2 days after a regular board meeting.

He has held the two top posts since 1997 and has been with Motorola for 36 years. (Reuters)

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