Motorola CEO steps down

September 22, 2003 – Motorola chairman and CEO Chris Galvin, the grandson of company founder Paul Galvin, says he will retire as soon as a successor can be found.

A 36-year veteran of Motorola and CEO since 1997, Galvin has been under fire in recent years due to slowdowns in the company’s telecommunications and chip business, and the loss of its #1 position in cell phones to rival Nokia.

Investors welcomed the news by sending Motorola’s stock to a one-year high, amid speculation that further restructuring moves may be on the horizon, including possible spinoffs of the company’s wireless and chip businesses.


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