Please understand that we are not talking about any smartphone which is about to be launched by Motorola that might be named Motorola Split! As per the latest news Motorola has officially announced that the company will be splitting into two different organizations as this might help in improving the governance of Motorola on the whole.
In a meeting held recently, the board of directors for Motorola Inc. approved the separation of Motorola Mobility Holdings, Inc. (“Motorola Mobility”) from Motorola, Inc. through a tax-free dividend involving the distribution of all Motorola Mobility common stock held by Motorola to Motorola stockholders.
Surprised? Even I was surprised but people behind the decision seem to think otherwise:
In a joint statement, Greg Brown, Motorola co-CEO and CEO of Motorola Solutions, and Sanjay Jha, Motorola co-CEO and CEO of Motorola Mobility, said: “Today’s announcement marks another important milestone toward the upcoming separation that is expected to benefit Motorola, its stockholders, as well as each company’s respective customers and employees. We look forward to taking advantage of the opportunities before us as we begin the new year as two independent, publicly traded companies.”
Following the split, Brown will be CEO of Motorola Solutions while Jha will become CEO of Motorola Mobility.
[via Boy Genius Report]