Summary
This 8-K filing from Motorola, Inc. reports a change in its Board of Directors. Francesco Caio, a director since 2000, has informed the company that he will not seek re-election at the upcoming Annual Meeting of Stockholders on May 5, 2003. Mr. Caio's decision stems from his recent appointment as Chief Executive Officer of Cable and Wireless plc, an announcement made on April 3, 2003. His departure from the board is to allow him to concentrate fully on his new leadership role at Cable & Wireless. Motorola anticipates that the number of directors to be elected at the annual meeting will be reduced to 12, reflecting Mr. Caio's decision. Investors should note this change in board composition and understand it is due to the executive's new, demanding responsibilities rather than any performance-related issues.
Key Highlights
- 1Francesco Caio will not stand for re-election to the Motorola Board of Directors.
- 2Mr. Caio has been a director since the year 2000.
- 3The decision is attributed to Mr. Caio's new role as CEO of Cable and Wireless plc.
- 4Mr. Caio wishes to dedicate his full attention to his new CEO position.
- 5Motorola's Annual Meeting of Stockholders is scheduled for May 5, 2003.
- 6The company currently plans to elect 12 directors at the upcoming annual meeting.
- 7Proxy statements and meeting materials were mailed to stockholders on March 27, 2003.