REVscene Automotive Forum - RIM's Balsillie, Lazaridis resign

It's been a long time in the works but finally here...
RIM's Balsillie, Lazaridis resign - Business - CBC News

Quote:

Mike Lazaridis and Jim Balsillie, the co-chief executives of Research In Motion Ltd., have stepped down as heads of the Waterloo, Ont.-based technology company.

According to a news release issued Sunday, RIM's board of directors unanimously named former chief operating officer Thorsten Heins as president and CEO on the advice of Balsillie and Lazaridis.

"There comes a time in the growth of every successful company when the founders recognize the need to pass the baton to new leadership," Lazaridis said. "Jim and I went to the board and told them that we thought that time was now."

RIM has faced intense pressure from shareholders for months to change its management structure amid concerns the company is unable to compete with rivals Apple Inc. and Google Inc.

The company, maker of the Blackberry series of smartphones and tablets, was the most valuable company in Canada as recently as 2008, but after a series of missteps the company has seen its share of the smartphone market dwindle.

The company took a big slide in 2011, dropping behind its peers in the lightning-paced smartphone market, suffering through the worst service outage in its history and losing tens of billions of dollars in market value.

According to the company, Lazaridis is now the vice-chair of the company's board of directors as well as chair of its new innovation committee.

Balsillie will remain a member of RIM's board of directors.

"I agree this is the right time to pass the baton to new leadership, and I have complete confidence in Thorsten, the management team and the company," Balsillie said. "I remain a significant shareholder and a director and, of course, they will have my full support."

Heins joined RIM in December 2007 as a senior vice-president and was appointed chief operating officer for product and sales in August 2011.