Report: MOT Narrows Search for Spinoff Chief

Motorola (MOT Quote) is close to selecting an executive to head up its soon-to-be-spun-off mobile unit business, according to reports.

The Wall Street Journal reported Wednesday that the Schaumburg, Ill., company, which is looking to split its operations into two separate publicly traded companies, will choose Hewlett-Packard (HPQ Quote) executive Todd Bradley, according to people close to the matter.

The report said that negotiations with Bradley, who is one of two candidates Motorola is still considering to run its struggling cell-phone business, are at a sensitive stage and could fall apart.

Bradley has been at H-P since 2005, and has previously held positions at FedEx (FDX Quote), Gateway, GE Capital, Dun & Bradstreet (DNB Quote) and palmOne.

By splintering off its handset unit, a move Motorola expects to complete in 2009, the company will consist of a cable set-top box operation, a wireless networking infrastructure business and a security and government services venture. When the plans were announced in March, Motorola said it would also consider an outright sale of the mobile-phone unit.

Based on the current plan, the two companies will be created through a distribution of shares to existing Motorola stockholders. As a result, shareholders will own stock in each of the two in companies.

Motorola shares were up 11 cents, or 1.2%, to $9.21. Among other handset makers, Qualcomm (QCOM Quote) was up 2.9% at $48.35, Nokia (NOK Quote) was off 0.2% at $27.47, and Ericsson (ERIC Quote) slid 2.9% to $26.27.