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The Associated Press August 17, 2011, 12:05PM ET

Financier Hambrecht leaves Motorola Mobility board

Well-known investment banker William Hambrecht is leaving the board of Motorola Mobility Holdings Inc., the company announced Wednesday.

Hambrecht's resignation, which took effect Wednesday, reduces the Motorola Mobility board to nine members, eight of them independent of the company.

Motorola Mobility, which makes mobile phones and cable set-top boxes, split off from the rest of Motorola in January. In a $12.5 billion deal announced on Monday, Google Inc. is buying Motorola Mobility to gain direct control over the maker of many of its Android phones.

The company didn't give a reason for Hambrecht's departure. In the company's statement, Hambrecht said he was "delighted" with Google deal and looks forward to seeing its benefits.

Hambrecht resigned from the board of AOL Inc. in January to devote more time to other business opportunities.

Sanjay Jha, the chairman and CEO of Motorola Mobility, said in a statement that Hambrecht "played an instrumental role" in the split of Motorola into two companies and in the Google deal.

Hambrecht, 76, a longtime Silicon Valley financier, is the founder and CEO of WR Hambrecht + Co. He also co-founded the United Football League in 2007 to compete with the National Football League.

He has said bankers often don't get the highest price possible companies going public for the first time and are rewarded too much for their work. Hambrecht favors so-called Dutch auctions that allocate new shares to the highest bidders, including small investors, and his firm used such an auction to take Google public in 2004.

Shares of Libertyville, Ill.-based Motorola Mobility rose 13 cents to $38.15 in late morning trading Wednesday.

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