Motorola announced a shortfall in profits for the second quarter of 2007, and reduced the outlook for the entire year for the mobile device division. Motorola is now predicting that the mobile phone arm of the business will lose money in 2007 based on lower sales volumes in Europe and Asia. Though official quarterly results won’t be posted until July 19th, Stu Reed has been promoted to president of Motorola’s mobile devices business. Additionally, Motorola CEO Ed Zander’s job may be in jeopardy. He narrowly survived a proxy battle earlier this year with stockholder Carl Icahn, who owns a large stake of the company. Other C-level executives were shuffled around several months ago. Motorola has not commented on whether or not Zander will go, but stockholders are displeased and analysts believe the move will happen soon.