This feels like it’s going to be a long and drawn-out process. Other than the bare basics: the company is splitting and Motorola (NYSE: MOT) is not far along in the planning process. In addition to the search for a new handset CEO, there are still open issues with respect to critical issues like branding and capitalization. As for how the split process will help rejuvenate the handset business, CEO Greg Brown cited the ability to attract a “world class” CEO as a big plus. But he acknowledged that the recovery would ultimately have to be lead by better products. Beyond that, the case for the split is pretty typical: sharper management focus, a better aligned capital structure (even if that has yet to be figured out) and better alignment of employee incentives. Some other highlights from the call:

-- Branding: “Obviously the Motorola brand is strong, trusted and proven… it’s valuable to mobile devices as well as other aspects of the business.” Later on though, Brown admitted that nothing had been settled with regards to branding, when asked specifically whether the handset side would have access to the brand (what other brand would they use?).

-- Alternatives: Brown avoided a question regarding other alternatives that were explored, such as a sale of the mobile unit or a JV with another handset maker: “This announcement is the result of the action taken since January 31… following that review, management and the board and strategic advisors set on this action as a path that maximizes shareholder value.” Basically, it sounds like there weren’t any good ones.

-- Outside investment?:  In terms of capitalization—how much cash the mobile business will have on hand when it is split out—it’s too early in the planning to start talking about this. Later on, a questioner returned to the issue of whether an outside cash infusion would be needed for either company. Brown suggested that the answer to this would come at the end of an ongoing financial review—so it’s still sounds possible that an outside investor could throw some cash at the handset business, though they’re not suggesting as such at all right now.

-- Icahn discussions: “We have discussed board nominees with Carl Icahn and we proposed two nominees and he declined that.” Beyond that, Brown wouldn’t comment on where things are expected to go at this point, or whether this specific split plan had been discussed with Icahn.

-- Timing “Our board has reviewed strategic opportunities for awhile… this was the best course of actions.”

-- Breakup challenges: “It will take some time to work through a lot of different issues.” Brown believes the process will help the company and its customers get a better understanding of the business, ultimately contributing to the recovery.

• Motorola Break-Up: Our Coverage In Links