Cell phone maker Motorola has agreed to name Keith Meister, a managing director of Icahn investment funds, to its board of directors under terms of an agreement with billionaire activist investor Carl Icahn.
Schaumburg, Ill.-based Motorola also will seek input from Icahn on the planned separation of its mobile devices operations, and search for a chief executive for that business.
In return, Icahn has agreed not to solicit proxies at Motorola’s annual meeting, dismiss litigation against the company and vote his shares in support of all of the board’s director nominees.
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