The technology world is still reeling from the announcement of Google’s $12.5 billion acquisition of Motorola Mobility. And today, Motorola announced the departure of William (Bill) R. Hambrecht from the Company’s Board of Directors. Following his departure, the Motorola Mobility Board of Directors will be comprised of nine members, eight of whom are independent.
Hambrecht, a well-known banker, founded and has been Chairman and Chief Executive Officer of WR Hambrecht + Co since 1998. WR Hambrecht + Co is a financial services firm specializing in Internet and auction processes and providing underwriting and advisory services for technology and emerging-growth companies.
Before that, Hambrecht co-founded Hambrecht & Quist. In 2007, Hambrecht co-founded the United Football League, which premiered in October 2009. Hambrecht also served on the board of AOL but quit after the company bought the Huffington Post.
Interestingly, Hambrecht is known for persuading Google to use an Internet-based auction for their IPO in 2004, and is credited with popularizing the Dutch auction system that determined each share value.
So why did Hambrecht leave? It’s unclear but once the Google-deal goes through, Motorola won’t need any board members. Some of the company’s board members could transfer to Google’s board but this would only include a select few of Motorola’s members.
“I want to thank Bill for his valuable service and guidance to Motorola and to Motorola Mobility,” said Sanjay Jha, chairman and chief executive officer, Motorola Mobility. “Bill played an instrumental role in the separation of Motorola into two independent publicly-traded companies, as well as in our recent milestone transaction with Google. On behalf of the entire Board of Directors, I wish Bill only the best.”
Check out this GigaOm video with Hambrecht from 2008.