“The two co-executives of BlackBerry-maker Research in Motion Ltd. will pay a total of just over $7 million Canadian (US$5.7 million) as part of a settlement with Canadian regulators over the company’s past stock-option practices,’ The Associated Press reports.
“Mike Lazaridis, who founded the company, will pay a $1.5 million Canadian (US$1.2 million) penalty to the commission,” AP reports. “Jim Balsillie, who has already stepped down as chairman, will pay $5 million Canadian (US$4 million) to the commission and $700,000 Canadian (US$570,000) towards the Ontario Securites Commision investigation.”
“Balsillie will also be prevented from being a director of any company for a year — although he’ll be allowed to remain an executive of RIM,” AP reports.
“The settlement dealt with a practice known as stock-option backdating, which occurred at the technology company — and many others — from 1996 until 2006. One of the OSC panelists said the commissioners were shocked that the backdating occurred over a 10-year period,” AP reports.
Full article here.
MacDailyNews Take: Good. Now the two half-CEOs can concentrate on getting their asses kicked by Apple.
[Thanks to MacDailyNews Reader "James W." for the heads up.]