Updated from Dec. 15
confirmed the appointment Tuesday of former
president Ed Zander as its CEO, succeeding Christopher Galvin.
Zander is currently a managing partner with tech buyout heavyweights Silver Lake Partners.
Galvin, whose grandfather founded the company, will step down in early January. He announced his intentions to resign in late September, a move that caused a pop in Motorola's shares as analysts predicted new management would process a big restructuring. The shares closed Monday down 29 cents, or 2.2%, at $12.79.
Motorola subsequently announced plans to spin off its semiconductor unit as the first step in what many hope is a comprehensive restructuring of its business lines.
The company said in a press release that Zander "will bring Motorola not only a wealth of experience but a keen understanding of the emerging challenges and opportunities in the communications space.
"The board is deeply impressed by his understanding of Motorola's strengths and how they can be leveraged for greater advantage. We are confident that he will bring to Motorola precisely that combination of strategic insight and imagination, operational discipline and decisiveness, and inspirational leadership needed for accelerated and sustained growth."