“Mobile phone maker Motorola Inc said Friday that Chief Executive Ed Zander will step down on Jan. 1 and be replaced by Chief Operating Officer Greg Brown,” Ritsuko Ando and Jim Finkle report for Reuters.

“Zander, who said he plans to spend more time with his family, will continue to serve as chairman until an annual meeting of stockholders in May 2008,” Ando and Finkle report.

Full article here.

The Associated Press reports, “Last month, Motorola reported a 94 percent drop in third-quarter profit… The cell-phone unit, Motorola’s biggest, saw quarterly sales plunge 36 percent to $4.5 billion and recorded an operating loss of $138 million. That was nearly $1 billion worse than a year ago but only about half the $264 million loss of the second quarter.”

Full article here.

Motorola’s press release, in which Zander states, “This is the right time for me to move on to the next phase in my life and spend more time with my family,” is here.

[Thanks to MacDailyNews Readers "MrKruser" and "Fred Mertz" for the heads up.]

“Spend more time with my family.” Classic.

Motorola Chairman and CEO Ed Zander says his company is ready for competition from Apple’s iPhone, due out next month. “How do you deal with that?” Zander was asked at the Software 2007 conference Wednesday in Santa Clara, Calif. Zander quickly retorted, “How do they deal with us?”IDG News Service, May 10, 2007