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Tag - Jim Balsillie
The former co-CEO of BlackBerry has sold his entire stake in the company, according to a Securities and Exchange Commission filing. Jim Balsillie, who shared the title of chief executive officer with Mike Lazaridis until January 2012, previously held 5.1-percent of the firm, and placed him as the third-largest shareholder in what was formerly called Research In Motion.
In a surprise step, RIM confirmed late Sunday that its two CEOs Jim Balsillie and Mike Lazaridis would resign from their top positions. The two would stay on as board members and shareholders for the BlackBerry designer, they told the Wall Street Journal early, but would hand over direct leadership to one person, current COO Thorsten Heins. Board member Barbara Stymiest would be promoted to an independent board chairman.
Research In Motion co-CEOs Mike Lazaridis and Jim Balsillie are believed to be holding closed-door meetings to discuss potential strategies for a shakeup in the company's leadership. Many investors have come to equate the company's ongoing troubles with the unique executive structure, which is dominated by two head executives who also serve as co-chairmen of the board.
A new retrospective of RIM from anonymous, former executives has painted an image of a company with a long-term difficulty anticipating phone trends. Trouble anticipating demand for personal-oriented smartphones reportedly not only extended to just after the iPhone launch but as far back as 2005, BGR said. Co-CEO Mike Lazaridis not only dismissed now commonplace features like cameras and music playback but basics like easy-to-remember names, dismissing Motorola's RAZR and others only to give in a few years later with the Pearl, Curve, and all its lineup.