RIM To Consider Splitting Co-CEOs

Jun 30, 2011
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RIM To Consider Splitting Co-CEOs

BlackBerry maker Research In Motion (RIM) has just conceded to examining its leadership structure. The company has been facing mounting pressure since its disappointing earnings call that confirmed product delays and imminent layoffs. The co-CEO structure of Jim Balsillie and Mike Lazaridis has long been criticized by shareholders and the company has finally responded with the possibility of splitting the co-CEOs.

An open letter from an anonymous senior RIM exec was revealed this morning that railed off eight key complaints about the current state of the company. As if in response to that and to a shareholder request to split up the co-CEOs, RIM has agreed to make some changes---sort of.

RIM's response seems more like a way to buy some more time in hopes that things will turn around before either CEO needs to get the boot. Instead of allowing shareholders to vote on the matter at the Annual General Meeting, the company will set up an independent committee to study the leadership structure and then make recommendations.

The study will take several months with a report to be issued by January 31, 2012. The Board will have 30 days to respond after the recommendations are received from the committee.

[via BGR]


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