SCHAUMBURG, Ill.-Motorola Inc. Chairman and CEO Christopher Galvin said Friday he would step down as head of the company founded by his grandfather. Galvin had recently been under increasing pressure from stockholders. Some especially criticized his salary, which was close to $3 million, even as the company laid off employees and lost marketshare in some areas of the company.
“While I have achieved substantial results, the board and I do not share the same view of the company’s pace, strategy and progress at this stage of the turnaround,” said Galvin.
“Accordingly, it is time for me to pass the baton to new leadership. I leave my successor with a formidable Motorola platform compared to three years ago, before I implemented my five-point turnaround plan.”
Galvin said he would stay with the company until a new successor is found.
