Motorola's Razr, a one-hit wonder,
sparked skinny phone madness

Motorola announced it is exploring a "structural and strategic realignment" after its mobile phone business sunk from second to third place last year, falling behind Samsung and Nokia, reports The Guardian.

Having sold over 50 million iconic Razr phones, Motorola has consistently failed to follow up with another popular handset. The Razr debuted in 2005.

The push to sell its sleepy handset business is spurred on by billionaire activist shareholder Carl Icahn, who owns 3.3 percent of Motorola's stock. He sought boardroom representation last year and plans to unseat "four or five" of the company's 13 board members, according to The Guardian.

If Motorola leaves the mobile business to its betters, it may instead pursue radios, networking equipment and set-top boxes. The latter sector is enjoying renewed interest from Microsoft, Netflix, Vudu and Apple.

Motorola's profits dropped 84 percent in the fourth quarter, to $100 million. CEO Greg Brown is currently managing its handset arm, reports Reuters.