Christopher Galvin

Christopher B. Galvin
Born	March 21, 1950
Alma mater	Northwestern University
Occupation	Co-founder Harrison Street Capital LLC
Known for	CEO Motorola, Inc.
Spouse	Cindy
Children	2 sons

Christopher B. Galvin (born March 21, 1950) is the grandson of Paul Galvin (founder of Motorola) and the son of Robert Galvin (Chief of Motorola, 1959–1990), and is chairman, CEO and co-founder of Harrison Street Capital LLC.

In addition, Galvin is also co-founder and Chairman of Harrison Street Real Estate Capital LLC [1], Executive Chairman and Co-Founder of UniqueSoft Inc. a real-time software authoring services company, and Chairman of Cleversafe Inc., a digital storage company.

Mr. Galvin is member of the board of MCR Inc., a Harrison Street Capital LLC financed roll-up in US Department of Defense services; a member the Executive Committee of Northwestern University's Board of Trustees; the American Enterprise Institute Board, the Legion D’honneur, Tsinghua University School of Management and Economics (Beijing); Business Council (U.S.), the American Society of Corporate Executives; the Board of the Chicago Council of Global Affairs and Chair of the Rhodes Scholars selection committee for Illinois-Michigan.

Mr. Galvin’s former relationships include: Chairman of Navteq, the leading supplier of global digital mapping databases; Chairman and CEO of Motorola Inc.; member of the Bechtel Corporation's Board of Counselors; chairman of the U.S.-China Business Council; director of the Rand Corporation; member of the U.S. Department of Defense Board; member of the U.S. Department of Defense Science Board; advisor to the City of Tianjin, China; advisor to the CEO of Hong Kong; and advisor to the Searle Family Trusts.

Mr. Galvin co-founded The Galvin Projects in 2004, a virtual global think tank that published three books (2008–09); Harrison Street Real Estate Capital, LLC in 2005, a private equity company that today hosts $2.4B in assets under management in medical office buildings, storage, student housing, and senior housing represented in 192 properties across 31 states in U.S.; and Gore Creek Asset Management LLC in 2005, a large capital investment company utilizing 90-100 global investment managers diversified across most major asset classes.

Christopher Galvin received his BS in Political Science from Northwestern University and his MBA from the Kellogg School of Management at Northwestern University.

In 2010 Mr. Galvin was featured in the Andrea Redmond book “Comebacks: Powerful Lessons from Leaders Who Endured Setbacks and Recaptured Success on Their Terms” which details his unplanned departure from Motorola, and how he responded.

Harrison Street Capital, LLC

In 2005, Galvin co-founded Harrison Street Real Estate Capital LLC, a real estate private equity firm, with his brother Michael P. Galvin and Christopher N. Merrill. Harrison Street Real Estate has launched a series of focused and differentiated closed-end opportunity funds. The Company’s focus is investing in sectors of the real estate market that have their own compelling demand generators. These sectors include: Education, Healthcare and Storage. Between HSRE Partners I (closed May 2007) and HSRE Partners II (closed July 2008) the firm has raised $640 million of capital from over 60 limited partners that include US and European corporations, pension funds, endowments, foundations, insurance companies and family offices. As of October 1, 2010, the Company had approximately $2.4 billion in assets under management consisting of 192 properties in 33 states.

Motorola career

From 1967 to 1973, during college, Galvin held part-time summer assignments at Motorola. From 1973-1983, he served full-time positions in sales, sales management, marketing management and mobile two-way radio product management, taking leave 1975-77 to attend graduate business school full time. From 1983 to 1985, he became Marketing Director then General Manager of the Tegal semiconductor equipment unit owned by Motorola Inc. In 1985, he became Vice-President and Director of Motorola’s radio paging Division where he sponsored the team that created one of the first virtually completely automated manufacturing operations in the US, called Project Bandit. Galvin was promoted to Corporate Vice-President and General Manager of Paging. In 1988, he was named Chief Corporate Staff Officer of the corporation, later Senior Vice President and appointed to the Policy and Operating Committees of Motorola Inc. In 1990, he was promoted to Assistant Chief Operating Officer and joined as the third member of the Office of the CEO of Motorola Inc. In 1993, he was elevated to President and Chief Operating Officer. In 1997, he became CEO. In 1999, he added the role of Chairman of the Board to that of CEO. ¹

Following the dot.com crash in 2000, Galvin led a massive three year restructuring of Motorola that included large lay-offs, closure of manufacturing facilities and reducing break-even costs. ² Simultaneously, Galvin led the renewal of Six Sigma Quality through Digital Six Sigma and introduced Motorola’s MOTO language advertising campaign in 2002.³ The RAZR cellular phone was designed by Galvin’s innovators in new product development methodologies created during the 2001-2003 timeframe. RAZR was introduced July 27, 2004.⁴The innovation behind the RAZR was so cutting edge that even Galvin's eventual successor, Ed Zander, stated “There was a small team developing the RAZR before I got there. When I saw the technology, it blew me away.”⁵

On September 19, 2003, Motorola’s Board of Directors announced publicly it would seek a CEO other than Galvin.⁶ Galvin stated his objection to the Board’s view of Galvin’s turnaround efforts, and stated, "The Board and I do not share the same view of the pace, strategy and progress at this stage of the turnaround.”⁷ Sixteen working days later, on October 13, 2003 Motorola Inc. reported that its global customer new product orders were up 25% company-wide and up 44% for cellular mobile phones in Q3 2003 compared to Q3 2002. Similarly, on January 20, 2004 Motorola Inc. reported on Galvin's last full quarter serving as CEO and the quarter of the Board's search for a new CEO, Q4 2003, that Motorola's collection of global telecom, semiconductor, automotive, broadband-media and public safety customers increased new product line orders by 42% and by 64% in their cellular mobile phone business compared to Q4 2002.⁸

Galvin was forced to resign on January 4, 2004.⁹ Seventy-seven working days later, on April 20, 2004, Motorola announced its financial performance for Q1, 2004, the quarter of Galvin's departure. The data showed that the then $30 billion run rate in annual revenue resulted in a 42% increase in sales corporatewide revenue growth, a 532% improvement in operating earnings, $0.9B in pre-tax earnings, $0.7B in free cash flow, and a resulting $0.9B net cash position on the balance sheet.¹⁰ Motorola Inc.’s cellular mobile phone business recorded an uptick of 67% sales revenue growth ($4.1B in quarterly sales) and earned a 9.8% operating margin for the period, three months before the RAZR phone was to be announced.¹¹ At the time Motorola Inc.’s business portfolio included four Fortune 500 sized multi-billion business sectors compared to its six business sectors at the time.¹² Zander, who assumed the CEO role on January 5, 2004, stated after the announcement of Q1 2004 financial results "The first 90 days I talked to everybody. My agenda was very simple: learning the business as fast as I could. I did not want to shoot from the hip."¹³

The following quarter, the financial performance initiated by Galvin proved sustainable and repeatable. On July 20, 2004, Motorola reported Q2 2004 results of increased sales revenue growth by 41% to $8.7B, an improvement in operating earnings by 394%, $800 M in pre-tax earnings, $800 M in free cash flow, and a $1.8B net cash position on the balance sheet. The cellular mobile phone business recorded an increased sales revenue growth of 67%, equating to $3.9B in quarterly sales while maintaining a 10.2% operating margin. ¹⁴

In 2008, several years after Galvin's departure, a study was completed by the Monitor-Global Business Network consulting company to identify and compare the best + $5B in revenue global high tech corporate turnarounds since 1990. In comparing six year periods including three years of turnaround actions and the corresponding companies’ resulting financial performance, the study placed Galvin’s turnaround of Motorola as one of the top five large high tech turnarounds. The companies compared were IBM, Apple, Xerox, HP and Motorola. ¹⁵

Business positions
Preceded by Gary L. Tooker	CEO of Motorola 1997–2003	Succeeded by Ed Zander

Navteq tenure

After departing Motorola, Galvin served as chairman of Navteq Inc. (2004–2008). In mid-2004 Navteq Inc. went public with an IPO. In July 2008, Navteq closed a $8.1B gross cash sale to Nokia generating a positive 255% return to shareholders in at the time of Navteq's IPO.¹⁶

Cleversafe

Galvin is Chairman of Cleversafe, a cloud storage company, which specializes in secure redundant data storage. The company was created in November 2004.

References

• Reference For Business: Christopher B. Galvin
• ¹Motorola Inc. Press releases and Christopher B. Galvin, December 2008
• ²Motorola Inc. Press Releases 2000-2003
• ³Motorola Inc. Press Releases 2000-2003
• ⁴Motorola Inc. Press Release July 27, 2004 Introducing the Motorola RAZR V3 Source
• ⁵December 2007 Portfolio Magazine Article by Kevin Maney
• ⁶Motorola Inc. News Releases, Q3 2003 September 19, 2003 Motorola Announces Chris Galvin’s Decision to Retire as Chairman and CEO
• ⁷Kevin Maney; USA TODAY; September 22, 2003 Motorola expected to seek outsider; Harsh words follow CEO's resignation
• ⁸Motorola Inc. October 13, 2003 Earnings Press Release [2]
• ⁹Motorola Inc. Press Release December 16, 2003 Motorola Announces Appointment of Edward J. Zander as Chairman and CEO
• ¹⁰Motorola Inc. April 20, 2004 Earnings Press Release
• ¹¹Motorola Inc. Press Release July 27, 2004 Introducing the Motorola RAZR V3
• ¹²Motorola Inc. April 20, 2004 Earnings Press Release
• ¹³Chicago Tribune Article, April 25, 2004 Barbara Rose, Tribune staff reporter
• ¹⁴Motorola Inc. July 20, 2004 Earnings Press Release [3]
• ¹⁵Peter Schwartz, Chairman, Monitor-GBN
• ¹⁶Dave Mullen CFO Navteq Inc.

Persondata
Name	Galvin, Christopher
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Date of birth	March 21, 1950
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