Motorola Names Thomas J. Meredith As Acting CFO
David Devonshire to Retire
SCHAUMBURG, Ill., March 21, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Motorola, Inc. (NYSE: MOT) today announced Thomas J. Meredith as acting Chief Financial Officer, effective April 1, 2007. The Company also announced that David Devonshire, 61, Executive Vice President and Chief Financial Officer will retire from his current position, effective April 1. He will continue with the company to ensure a smooth transition.
Motorola chairman and CEO, Ed Zander, said, "On behalf of our Board of Directors and the Company, I want to thank Dave for his years of service to Motorola. As a valued member of the senior management team, Dave has played a key role in bringing tighter financial controls to our business, strengthening our balance sheet and leading the first stock repurchase program in the company's history. I appreciate his commitment to ensuring a seamless transition."
"The Board and I are delighted Tom will serve as acting CFO. Tom is a seasoned professional with tremendous financial expertise, including in-depth knowledge of Motorola, having joined our Board in 2005. I look forward to working with him more closely as we continue to move this company forward," added Zander.
Meredith, 56, is a general partner of Meritage Capital, L.P., an investment management firm specializing in multi-manager hedge funds that he co-founded. He is also chief executive officer of MFI Capital.
Previously, he was the managing director of Dell Ventures and senior vice president of business development and strategy of Dell Inc., a computer manufacturer, from 2000 to 2001, and was senior vice president and chief financial officer of Dell Inc. from 1992 to 2000.
Meredith serves as a board member for Motorola, Motive, Surgient, and VoxPath Networks. He is also an adjunct professor at the McCombs School of Business at the University of Texas and serves on the advisory boards of both the Wharton School at the University of Pennsylvania and the LBJ School at the University of Texas.
Meredith received his master's of law degree in taxation from Georgetown University, Washington, D.C.; his Juris Doctor from Duquesne University of Law; and his bachelor's degree in political science from St. Francis University (PA). He has received honorary PhDs from St. Francis and Duquesne.
About Motorola
Motorola is known around the world for innovation and leadership in wireless and broadband communications. Inspired by our vision of seamless mobility, the people of Motorola are committed to helping you connect simply and seamlessly to the people, information, and entertainment that you want and need. We do this by designing and delivering "must have" products, "must do" experiences and powerful networks -- along with a full complement of support services. A Fortune 100 company with global presence and impact, Motorola had sales of US $42.9 billion in 2006. For more information about our company, our people and our innovations, please visit www.Motorola.com .
