CHICAGO, May 8 (UPI) -- Billionaire investor Carl Icahn says he plans to keep his shares in Motorola Inc. and keep holding the troubled U.S. cell phone maker accountable.
The financier, who controls 2.9 percent of Motorola's shares, unsuccessfully sought a seat on the board in a bid to pressure management to adopt measures he alleged would improve shareholder value.
Motorola's board opposed Icahn's nomination, saying he was on too many boards to be effective for Motorola. The board said Icahn did not know the cell phone business and was interested in a board seat only for his own benefit, rather than for the good of all shareholders.
Icahn, speaking at the company's annual meeting in Chicago, told shareholders if Chief Executive Edward Zander "doesn't do the job like he says he's going to do, you should restructure this company -- and there's a lot of ways to do that -- and you should search for someone new."
He later told reporters he would decide specifically how to proceed with Motorola as he goes along, The Chicago Tribune reported.
"It's sort of like you're an open-field runner," he said, adding, "I'll be back."
