Motorola's executive management shakeup continues as the company replaces two more senior executives.
The company has replaced treasurer Steve Strobel with Larry R. Raymond, a former vice president and treasurer at Sears Roebuck. Strobel had most recently been working for a private equity firm.
Motorola also replaced Mike Fenger, who had been the head of mobile devices in Europe, the Middle East, and Africa. Stephen Nolan, formerly vice president of sales at Motorola for Continental Europe, will now be in charge of the EMEA region.
The changes at the top are all part of Motorola's plan to transform its leadership team and move forward, a company spokeswoman told The Wall Street Journal.
Motorola's handset business, which makes up the bulk of the company's revenue, has experienced heavy losses over the past several quarters. The company hasn't had a hit phone since its popular ultra-thin Razr. And it's been losing market share while other companies such as Nokia and Samsung have gained market share.
Amid sharp criticism from investors, the company's board of directors forced the resignation of CEO Ed Zander and replaced him with Greg Brown.
Since taking over as CEO, Brown has been shaking up the executive suite. Several top executives have left the company, including the CFO, head of marketing, and the president of Motorola's Mobile Device unit.
Soon after Brown took over, Motorola announced that it was considering splitting off the mobile device unit from the rest of the company in an effort to return value to shareholders. Brown told reporters in February at the GSMA Mobile World Congress in Barcelona that he was fully committed to the mobile handset business.
Reuters reported last week that cell phone manufacturers in Asia have expressed interest in working with Motorola's handset business. Chinese mobile phone maker ZTE was supposedly in talks with Motorola last month over a partnership, Reuters said. Xiong Hui, marketing vice president for handsets at ZTE, told Reuters during an interview at the Mobile World Congress in February that it had been "keeping in touch with Motorola on a wider cooperation."