Lazaridis and Balsillie to be ousted as co-chairmen, report claims

By on January 3, 2012 at 9:25 AM.

Lazaridis and Balsillie to be ousted as co-chairmen, report claims

In light of increased pressure from shareholders, Research In Motion is preparing to replace current co-chairmen of the board Mike Lazaridis and Jim Balsillie. The Financial Post on Tuesday reported that RIM will soon shake up its corporate structure, likely removing both company co-founders from their current board seats. The pair would remain co-CEOs and a new single chairman would be appointed in their place. According to the Financial Posts’s unnamed sources, independent director and RIM board member Barbara Stymiest is currently the front-runner to replace Lazaridis and Balsillie. In response to increased shareholder unrest, RIM agreed this past summer to assemble a committee that would investigate splitting the co-CEO and co-chairmen roles. Stymiest is a member of the committee carrying out the investigation, and she has been a member of RIM’s board of directors since 2007. RIM’s stock was up 2% on the rumor in pre-market trading. More →

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RIM bosses granted six-month reprieve

By on July 13, 2011 at 9:00 AM.

RIM bosses granted six-month reprieve

RIM has six months to prove a real business need for its Co-CEOs Mike Lazaridis and Jim Balsillie to retain their roles as Co-Chairmen of the Board, otherwise Northwest & Ethical Investments LP will take action. “We wanted to give them a chance to prove that there is an actual business necessity,” Jennifer Coulson, manager of corporate engagement at Northwest & Ethical, told Bloomberg at Tuesday’s RIM shareholder meeting. NEI threatened last month to file a motion to have RIM’s Co-CEOs removed from their roles has Board heads, but the the firm agreed not to proceed with its motion when RIM said it would assemble a committee of independent directors to investigate the matter and make recommendations. Proxy advisor Glass Lewis & Co. would later accuse RIM of using stall tactics to delay the decision, but NEI appears content with the actions RIM is taking, so says its decision to give RIM six months to plead its case. Thus far, RIM’s only real argument in favor of allowing Lazaridis and Balsillie to keep their joint roles has been that their Chairmen titles help the pair generate business overseas. Shares of RIM stock have declined in value by nearly 60% over the past 12 months. More →

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Investor proposes RIM splits CEO and board chairmen roles

By on June 11, 2011 at 12:21 PM.

Investor proposes RIM splits CEO and board chairmen roles

Reuters reported on Friday that Northern and Ethical Investments, an investor in Research In Motion, has called for a shareholder vote to decide if co-CEOs Mike Lazaridis and Jim Balsillie should remain both co-chief executives and co-chairmen of the company’s board. Northern and Ethical Investments reportedly wants the Waterloo based company to have an independent board member. However, Reuters said RIM has already asked its shareholders to shoot down the vote, arguing that John Richardson is an independent member that “already acts as the de facto leader” of RIM’s board. If you’ll excuse us, we’re about to grab lunch with a co-sandwich, and co-french fries. More →

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Balsillie to take over chief marketer role at RIM

By on May 2, 2011 at 8:28 PM.

Balsillie to take over chief marketer role at RIM

Research In Motion on Monday announced that Co-CEO Jim Balsillie will take over the role of Chief Marketing Officer following the recent departure of CMO Keith Pardy. Balsillie will remain Co-CEO alongside Mike Lazaridis as well, and both chiefs will also be co-chairmen of RIM. RIM’s former marketing chief, Keith Pardy, left the company for personal reasons back in March, just over one month ahead of RIM’s BlackBerry PlayBook launch. More →

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