Zander Out at Motorola

Motorola (MOT Quote) Chief Executive Ed Zander is stepping down at the end of the year, passing the reins to Chief Operating Officer Greg Brown.

Zander will keep the chairman job at least until the next annual shareholders meeting, the wireless tech giant said Friday.

Embattled Motorola Chief Ed Zander Makes His Exit

Zander has been under pressure from shareholders, including billionaire Carl Icahn, who saw the company as undervalued and misfiring on the mobile phone front.

"Next year marks my 40th year in the technology industry," Zander said in a statement. "This is the right time for me to move on to the next phase in my life and spend more time with my family."

Motorola shares jumped $1.09, or 7%, to $16.74 in premarket trading Friday.