plans to fire 4,000 more workers.
The company also said activist investor Carl Icahn tolled 43% of the vote in his failed bid for a board seat earlier this spring. Motorola said director John White was re-elected with 932 million votes cast to Icahn's 717 million. Motorola said shareholders also approved measures over management's opposition to require a nonbinding shareholder vote on executive pay and to create a way for shareholders to recoup management bonuses when earnings are later restated.
The stumbling mobile phone maker adds the new layoffs to the 3,500 staff cuts it already expects to complete next month.
"Long-term, sustainable profitability is -- and always has been -- Motorola's top priority," said finance chief Tom Meredith. "Today's actions are an update to the commitment we made during our first-quarter earnings conference call -- to drive out additional costs -- and a continuation of the plan we announced in January.
The news comes as
said Wednesday that its share of the world's mobile phone business could
expand to 40% from 36% last quarter, thanks to Motorola's collapse and the solid demand for its new phones.
Earlier this month, CEO Ed Zander's management was challenged when Icahn made a failed bid to gain a position on Motorola's board of directors.
Motorola expects the severance and restructuring charges to shave $300 million, or 8 cents a share, off the bottom line over the remainder of the year. Analysts were looking for an adjusted profit of 35 cents a share for 2007.
Motorola shares rose 13 cents late Wednesday to $18.41.