NEW YORK (Reuters) - Google Inc completed its $12.5 billion purchase of Motorola Mobility Holdings Inc and named a new chief executive for the cellphone maker, who vowed to focus on “fewer, bigger bets.”
Google, which made the deal to gain access to Motorola’s vast trove of technology patents, said on Tuesday that Motorola Chief Executive Sanjay Jha has stepped down and has been succeeded by Dennis Woodside, former president of Google’s Americas region.
Woodside oversaw planning for the Motorola integration, according to Google. Jha will be retained to help manage a transition period.
The deal closing came just days after the companies won approval for the acquisition from the Chinese government. European and U.S. regulators approved the deal in February.
To gain approval in China, Google said the company promised to keep its Android mobile phone software open and free for at least five years and agreed to charge fair and reasonable fees for technology licenses.
Motorola spokeswoman Jennifer Erickson said Woodside’s “fewer, bigger bets” would mean a simpler strategy: Fewer but bigger phone launches for Motorola Mobility, which will be an independent subsidiary of Google.
Woodside hired a slew of outside executives to run the company, including Vanessa Wittman, former chief financial officer of Marsh & McLennan Cos Inc, as CFO of Motorola Mobility.
Mark Randall, the former supply chain vice president at Kindle maker Amazon.com Inc, was appointed as the mobile unit’s new head of supply chain.
The company will retain some Motorola executives, including Iqbal Arshad as head of product development, and Dan Moloney as head of the set-top box business.
Reporting By Sinead Carew; editing by John Wallace and Jeffrey Benkoe