Icahn files proxy seeking Motorola seat

WASHINGTON --Billionaire investor Carl Icahn on Monday filed a proxy statement seeking shareholder support for his nomination to the board of directors of Motorola Inc.

Icahn said in January that he wants a seat on Motorola's board to increase the company's $4.4 billion debt level and return more cash to investors. The company closed 2006 with $11.3 billion in adjusted cash.

In the filing with the Securities and Exchange Commission Monday, Icahn said he would support the Schaumburg, Ill., company's other 10 board nominees. Icahn would replace board member John A. White, but said he was not targeted "for any particular reason."

Icahn and his affiliates reported a 2.48 percent beneficial ownership stake in Motorola, including shares that could be acquired through the exercise of call options.

In the proxy, Icahn also backed a shareholder proposal to ask the company's board to adopt a policy that shareholders be given input on an advisory resolution on compensation. "Say on pay" proposals have been floated by shareholders at a number of companies this year.