NEW YORK (Reuters) -- Motorola Inc. forecast a deeper-than-expected first-quarter loss, suspended its quarterly dividend and said it was looking for a new chief financial officer, sending its shares down 10%.The embattled cell phone maker slid to fifth place from fourth in global rankings in the last quarter, and said Tuesday it expects its handset division to post a loss in 2009.
Motorola (MOT, Fortune 500) said it will focus on mid-tier to high-end phones, after losing ground for two years because it lacked a popular phone to compete with Nokia (NOK), Samsung Electronics, LG Electronics and Sony (ADR) Ericsson.
"We have our work cut out for us in 2009 as we focus on the future success of Mobile Devices," said Co-Chief Executive Sanjay Jha, who is also head of the mobile phone division, on a conference call. He said Motorola's sales volumes were falling faster than the industry's in the current quarter.
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