The Motorola Mobility unit of Google Inc. officially announced on its website that the executive of the product management division – Mr. Rick Osterloh was appointed as president of the entire unit. Mr. Osterloh will report directly to the operating board of Motorola Mobility until the planned 2.91-billion-dollar acquisition of the handset business by Lenovo Group Ltd is finalized.
Googles Motorola Mobility wrote in a blog post uploaded on its website, cited by Bloomberg: “Rick’s had a key role in the company’s reinvigoration. He’s been a guiding visionary on the entire product front and a passionate advocate for our philosophy to focus everything we do on the consumer experience.”
The announcement of the change in Motorolas management came at a time when the unit prepares to complete the deal with Lenovo Group Ltd, as the latter reached an agreement in January to buy the handset division of Googles Motorola. The acquisition is estimated to 2.91 billion dollars and is considered as the largest tech deal in the history of Chinese companies.
Liu Jun, the Executive Vice President of Lenovo Group Ltd said in a company statement, cited by the Wall Street Journal: “We are pleased to learn that Motorola has named Rick Osterloh to lead Motorola Mobility, effective today. Were confident in his ability to not only manage a smooth transition at Motorola from Google to Lenovo but, also to lead the business forward for continued growth.”
The company made the decision of replacing its leadership after posting decreasing sales and facing the fierce competition of technological giants such as Samsung Electronics Co. and Apple Inc. Mr. Osterloh has been with the company for seven years now, while leaving for a two-year stint in between at Skype. He is to become the successor of Mr. Dennis Woodside, who has left the company in order to take the position of Operating Chief at Dropbox Inc. in February 2014.
According to CNN Money, shares of Google Inc. gained 1.71% to close at 567.04 USD on NASDAQ yesterday, while companys one-year return rate was 45.69%. The same media reported that the 41 analysts offering 12-month price forecasts for Google Inc. have a median target of 675.00, with a high estimate of 750.00 and a low estimate of 525.51. The median estimate represents a +19.04% increase from the last price of 567.04.
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