(RTTNews) - Motorola Inc's
(MOT) chief strategy and technology officer Rich Nottenburg has resigned, reports said on Friday.
Nottenburg was appointed head of strategy in 2004 by the former CEO Ed Zander. Nottenburg replaced Padmasree Warrior as chief technical officer last December when Warrior left Motorola to join Cisco Systems Inc.
(CSCO)
Motorola has been under increased pressure from activist investor Carl Icahn to boost shareholder returns. In May, Carl Icahn and affiliates upped their stake in Motorola to 7.6% from their earlier 6.4% share.
Shares of Motorola have dropped 45% over the past one year. The company's Mobile Devices segment has been faring very badly and in the latest first quarter posted a 39% drop in sales. Icahn has been pressuring the company for more than a year to spin off its unprofitable mobile phone unit.
In March, the company announced it would split into two separate publicly traded companies, spinning off its unprofitable Mobile Devices segment.
MOT closed Friday's trade down $0.06 at $10.07 on a volume of 16.59 million shares. In after hours, the stock shed $0.07 and was at $10.
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