RIM (RIMM) Remains On Track with Review of Co-CEO/Chairman Roles
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In addition to a buyout, Research in Motion (Nasdaq: RIMM) shareholders have been holding onto hope for one other catalyst: the division of the role of Chair and CEO and the addition of an independent Chair.
On June 30, 2011, RIM said it would review this policy after coming to an agreement with NEI Investments.
At that time, RIM established a committee of independent directors to: (i) study the appropriate balance between an independent lead director or chair with full and exclusive authority customarily held by such an office holder, (ii) determine the business necessity for RIM's Co-CEOS to have significant Board level titles to assist their selling and other responsibilities with certain large customers in overseas markets, and (iii) propose and provide a rationale for a recommended governance structure for RIM, which will include clarifications of the Co-CEOs and Chair roles, as well as the Board's mandate.
The committee is expected to issue its report by January 31, 2012; a public response by the Board will follow within 30 days.
That day is fast approaching, and StreetInsider.com has confirmed with RIM the company remains on track to meet this schedule.
In a statement to StreetInsider.com on the matter Wednesday, the company stated:
As previously disclosed, RIM’s Board has established a Committee of independent directors with the mandate to study the Company’s governance structure and report their findings by January 31, 2012. The Committee is on track to meet this schedule and the Board will then publicly respond to the recommendations of the Committee within 30 days. [Note: The Board has not wavered from this commitment or timeline since the intent was originally announced back on June 30, 2011]
Short of a takeover, a reshuffling of the top brass may be the only thing that can restore investor confidence in the battered smartphone maker.
On June 30, 2011, RIM said it would review this policy after coming to an agreement with NEI Investments.
At that time, RIM established a committee of independent directors to: (i) study the appropriate balance between an independent lead director or chair with full and exclusive authority customarily held by such an office holder, (ii) determine the business necessity for RIM's Co-CEOS to have significant Board level titles to assist their selling and other responsibilities with certain large customers in overseas markets, and (iii) propose and provide a rationale for a recommended governance structure for RIM, which will include clarifications of the Co-CEOs and Chair roles, as well as the Board's mandate.
The committee is expected to issue its report by January 31, 2012; a public response by the Board will follow within 30 days.
That day is fast approaching, and StreetInsider.com has confirmed with RIM the company remains on track to meet this schedule.
In a statement to StreetInsider.com on the matter Wednesday, the company stated:
As previously disclosed, RIM’s Board has established a Committee of independent directors with the mandate to study the Company’s governance structure and report their findings by January 31, 2012. The Committee is on track to meet this schedule and the Board will then publicly respond to the recommendations of the Committee within 30 days. [Note: The Board has not wavered from this commitment or timeline since the intent was originally announced back on June 30, 2011]
Short of a takeover, a reshuffling of the top brass may be the only thing that can restore investor confidence in the battered smartphone maker.
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