Motorola CEO Zander Will Step Down

Motorola's besieged CEO, Edward J. Zander, will step down at the end of the year, the Wall Street Journal reports. Zander, who has been under fire from investors for a year for sluggish growth, will be replaced by current president Greg Brown. Motorola's shares rose in response to the news.

"This man got the company into a pickle," one industry told Bloomberg. "He's put the stock in the dumper." Motorola has been floundering while trying to follow the success of its Razr phone. The company slipped to No. 3 in global phone sales, behind Nokia and Samsung. "I recognize the urgency and intensity," said Brown. "We're not standing still." (More Motorola stories.)