Motorola announced today that its board of directors has begun the process of splitting the communications giant into two independent, publicly traded companies, consisting of Motorola's recently troubled Mobile Devices and more profitable Broadband & Mobility Solutions businesses. A press statement said that current Motorola shareholders will wind up owning stock in both companies.

Motorola president and CEO Greg Brown said that implementing the split -- the result of a review process undertaken by Motorola execs and independent advisors -- will "provide improved flexibility, more tailored capital structures, and increased management focus as well as more targeted investment opportunities for our shareholders."

In the years since the heyday of the Razr phone, Motorola's multimode and multiband handsets have floundered while rivals such as Nokia and Samsung have flourished. Today Brown insisted, "We remain committed to improving the performance of our Mobile Devices business by delivering compelling products that meet the needs of customers and consumers around the world .... We believe [the] business will be well-positioned to regain market leadership as a focused, independent company." A search for a new chief executive officer is underway, with the official separation to take place in 2009.

Motorola's Broadband & Mobility Solutions business creates, integrates, and services voice and data communications platforms and wireless broadband networks for enterprise and government/public safety customers worldwide. Its products range from cable set-top boxes to Internet Protocol (IP) video solutions.