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CHICAGO (AP) - Motorola Inc. replaced its chief financial officer Wednesday in a shake-up of top management as it slashed its first-quarter forecast, blaming weaker-than-expected revenue from its cell-phone unit. Still reeling from sales and profit problems that emerged in the fourth quarter, the company said it now expects to report a first-quarter loss because of what Chairman and CEO Ed Zander called an "unacceptable" performance by its mobile device business.
Thomas Meredith, 56, was named acting chief financial officer, effective April 1. He replaces David Devonshire, 61, who will retire from the position. Zander also named Greg Brown, president of the company's networks and enterprise business, to the vacant posts of president and chief operating officer.
The surprise announcement after markets closed reflected even deeper turmoil within the Schaumburg-based company just a month after the head of its embattled handset business resigned.
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