RIM Co-CEOs to Lose Co-Chairman Title
Under intense pressure from shareholders for a lackluster year, co-CEOs Mike Lazaridis and Jim Basillie are expected to lose their co-Chairman titles in an executive re-shuffle, according to the Financial Post.
RIM has had a horrid year, as the Blackberry maker continues to lose market share to Android and iOS. The Blackberry PlayBook hasn't reached expectations, selling only 850,000 tablets to date. Their new mobile OS, BB 10 has experienced it’s own setbacks — it’s release has been pushed back until late 2012
Shareholders Northwest & Ethical Investments LP proposed the split of the CEO and Chairman roles this past summer, but pulled the proposal after reassurances from RIM. At the time, Jennifer Coulson, manager of corporate engagement oat Northwest & Ethical said, “We wanted to give them a chance to prove that there is an actual business necessity.”
Independent director Barbara Stymiest is rumored to be in the lead for the role as Chairman. Stymeist joined RIM’s board in 2007. If appointed, the former chief operating officer at Royal Bank of Canada will be the first independent chair of the company.
According to FP’s sources, the decision won’t come until January 31st — the date the governance review RIM agreed to it’s last shareholders meeting is due.