Motorola Solutions Inc. has bought back $1.2 billion of its shares from Carl Icahn, reducing the stake of a long-time investor who has asserted his influence over the company in recent years.
The Schaumburg-based company said Monday it purchased 23.7 million shares of its common stock at $49.15 apiece, using funds that are part of an existing $3 billion stock repurchase program. The agreement with Icahn also involved the resignation of board member Vincent Intrieri, an executive at Icahn's investment entities.
In a statement, Motorola Solutions Greg Brown thanked Intrieri for his service and said “his contributions, along with Carl's, have been constructive and are appreciated.”
Icahn has a long history with Motorola. In 2008, two Icahn allies joined Motorola's board in exchange for the investor dropping a proxy fight. Icahn was also given a say in Motorola's plans to split into two companies, a process that concluded at the beginning of 2011, when Motorola spun off its mobile devices division into an independent entity called Motorola Mobility.