William R. Hambrecht, a director from Motorola Mobility’s board, has resigned for unspecified reasons just a day after Google announced its plans to take over the company.
The resignation is effective immediately, leaving Motorola Mobility’s Board of Directors with nine members.
Reports say Hambrecht, also the founder of his own investment bank, WR Hambrecht + Co., is the man who advised Google to float its own shares on the stock exchange in a move thought controversial by many. It’s now thought this advice could be seen as a conflict of interests going forward.
Motorola Mobility’s chairman and CEO Sanjay Jha said in a statement that he thanked Hambrecht for his “valuable service and guidance,” adding that he had “played an instrumental role in the separation of Motorola into two independent publicly-traded companies, as well as in our recent milestone transaction with Google.”
For his part, Hambrecht said he was “delighted with the transaction we entered into with Google, and I look forward to seeing the benefits and new opportunities this partnership creates.”
110
