Schaumberg,
Ill. – Motorola (NYSE: MOT) on Thursday
announced plans to split itself into two independent, publicly traded companies
next year — one focused on mobile devices and home businesses, and the other
on enterprise mobility and networks.
"We believe this structure provides
significant operational and strategic flexibility for both companies, positions
them for future success, and enhances long-term shareholder value," said
David Dorman, chairman of Motorola’s board.
Motorola co-CEO Dr. Sanjay Jha will
serve as CEO of the mobile and home unit, while co-CEO Greg Brown will become
CEO of the enterprise unit.
Both companies will use the Motorola brand
following the separation, expected to be completed during the first quarter of
2011.
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