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RIM investor Jaguar forming pact to demand CEO overthrow

updated 01:55 pm EDT, Tue October 11, 2011

Jaguar says 12pc of RIM investors want change

Increasingly vocal investor firm Jaguar Financial put out a statement Tuesday saying it had raised support for its demand for a corporate sale or makeover. The group said it already had eight percent of all of the BlackBerry's makers onside and was making deals it hoped could boost that to 12 percent. Jaguar chief Vic Alboini claimed that the two RIM CEOs had led the company off the innovative track and that it was following trends, not setting them.

RIM is a "reactionary company trying to compete in an innovative industry," Alboini said. "The timing is very ripe now for a new CEO to step in."

Even with its maximum collective support so far, Jaguar wouldn't have the option of directly challenging RIM. It may still get a much more public stage for its objections and could make it difficult to ignore dissent at RIM's next shareholder meeting, where it lets investors ask questions. This year, the session appeared unusually and uniformly supportive of the status quo.

RIM briefly negotiated time for itself just before the last meeting with a deal to investigate a change but, so far, isn't known to have either published findings or suggested changes. The two CEOs, whose management structure is very rare, have claimed that they are uniquely qualified and that RIM could only transition over to a whole new smartphone platform with its existing, stable leadership.

Jaguar itself has come under fire as Alboini has been accused by Canada's investment regulators of breaking trading rules. The vocalization still has a grounding in results, as RIM's dramatic falloff in shipments and consistent over-optimism in its outlook has led some to wonder whether the company has a definite plan for countering Android and the iPhone as well as an attempt to restart its stalled tablet line.




by MacNN Staff

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Comments

  1. slapppy

    Joined: Dec 1969

    +9

    Stay

    I think RIM and their CO-CEOs are doing an awesome job. Why bother changing what has worked great. The world needs plastic keyboards and 1950's style devices. No one can deliver awesome stuff like that but RIM. Even Apple can't design outdated looking products. What a big fail on Apple!

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