Research In Motion (RIMM) Co-CEOs Step Down
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Research In Motion (Nasdaq: RIMM) investors got something Sunday evening that they've been asking for for a long time - the elimination of the dual CEO structure.
Co-CEO's Jim Balsillie and Mike Lazaridis have stepped down after 20-years of sharing the job, according to reports Sunday night from the Wall Street Journal.
The company will name prior co-COO Thorsten Heins as the new CEO and will name current board member Barbara Stymiest as independent board chairman.
Mr. Lazaridis will stay on as the board's vice chairman, and Mr. Balsillie will stay on as a board member.
The news is a huge victory for RIM shareholders who have seen the dual-CEO structure as stymieing innovation at the company which has fallen from grace in a smartphone market that they once dominated.
Mr. Balsillie said the timing of the departure had nothing to do with investor pressure or a weak stock price. "It was not a reaction to that," he told the Journal.
Also, despite continued rumors the company is for sale source told the Journal there was no intent to put the company up for sale. The new CEO will focus on the next-generation operating system and possibly licensing the software to others.
Shares of RIMM will likely move sharply higher when trading resumes Monday morning.
Co-CEO's Jim Balsillie and Mike Lazaridis have stepped down after 20-years of sharing the job, according to reports Sunday night from the Wall Street Journal.
The company will name prior co-COO Thorsten Heins as the new CEO and will name current board member Barbara Stymiest as independent board chairman.
Mr. Lazaridis will stay on as the board's vice chairman, and Mr. Balsillie will stay on as a board member.
The news is a huge victory for RIM shareholders who have seen the dual-CEO structure as stymieing innovation at the company which has fallen from grace in a smartphone market that they once dominated.
Mr. Balsillie said the timing of the departure had nothing to do with investor pressure or a weak stock price. "It was not a reaction to that," he told the Journal.
Also, despite continued rumors the company is for sale source told the Journal there was no intent to put the company up for sale. The new CEO will focus on the next-generation operating system and possibly licensing the software to others.
Shares of RIMM will likely move sharply higher when trading resumes Monday morning.
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