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Motorola: Icahn loses bid for board seat

Billionaire financier Carl Icahn will not sit on the board of directors at the No. 2 handset maker, according to an early tally.

Carl Icahn has lost his bid to win a board seat at Motorola, according to a preliminary count of votes Monday evening.

Motorola issued a press release at the end of its annual shareholders meeting held in Chicago stating that early results indicate that the stockholders had re-elected Motorola's current board of directors and that Icahn, who had launched a proxy fight earlier in the year to win a seat, was not elected.

"On behalf of Motorola's Board of Directors and management, we thank all of our stockholders for their continued support and confidence," Ed Zander, chairman and CEO of Motorola, said in a statement. "During the past few months, we have met with and listened to a large number of our stockholders, including Mr. Icahn, and we value their insights and perspective regarding Motorola. We are focused on executing our plan to improve the performance of our Mobile Devices business and building upon the strength of our strong Networks & Enterprise and Connected Home Solutions businesses. We remain steadfast in our commitment to continue building value for all of our stockholders."

News reports that leaked out earlier in the evening indicated that Icahn did not believe he had enough votes to win. Still, Icahn continued to be critical of Zander. The Chicago Tribune quoted him as saying during the meeting, "If Ed doesn't do the job he says he's going to do, you restructure this company--and there's a lot of ways to do that. And you search for someone new.''