Billionaire investor Icahn prods Motorola to improve
( dpa )- Beleagured US telecommunications firm Motorola Inc came under increased pressure Monday from billionaire investor Carl Icahn , who is demanding four seats on the board and wants the company to release documents.
Icahn has long been pushing the company executives to split off the handset branch of the company. The branch reported a 38 per cent drop in handset units last quarter.
Icahn said he planned to file a lawsuit later Monday in the US state of Delaware to force Motorola to release the documents.
"Results in Motorola's mobile devices business have gone from bad to worse," Icahn said in a statement. "It is essential to the future of Motorola that its directors realize that the board, especially at this precarious time, is not a country club or a fraternity."
Motorola stock has dropped 42 per cent so far this year. Icahn owns about 6 per cent of Motorola's stock, Bloomberg financial news agency reported.