“Under intense pressure from a group of shareholders, Research in Motion Ltd. is preparing to unveil a corporate shakeup at the beleaguered BlackBerry maker that could see co-founders Mike Lazaridis and Jim Balsillie relinquish their titles as co-chairmen of the board, according to sources,” Theresa Tedesco and Matt Hartley report for The Financial Post.
“Barbara Stymiest, an independent director who joined RIM’s board in 2007, is believed to be the leading candidate to replace Messrs. Balsillie and Lazaridis as chair, sources familiar with events said,” Tedesco and Hartley report. “A committee of seven independent directors of RIM’s board, including Ms. Stymiest, have been examining the company’s board structure, including the merits of having an independent chair rather than a lead director and the ‘business necessity’ for Messrs. Lazaridis and Balsillie — who are also co-CEOs — to hold significant board titles.”
Tedesco and Hartley report, “The widely anticipated report by the company’s independent directors is scheduled to be delivered by Jan. 31. The company’s full nine board members — including Messrs. Lazaridis and Balsillie — will also respond to the report’s recommendations within 30 days.”
Read more in the full article here.
MacDailyNews Take: Lazaridis and Balsillie. Proof that two halfs don’t always make a whole, but they can certainly make a hole.
[Thanks to MacDailyNews Readers “Fred Mertz” and “Andrew W.” for the heads up.]
Stymiest?, as in the one most likely to stymie progress the most? Brilliant move, RIM
Stock drops 80% and then you do it? Too little, too late. My bet is 5% chance RIM is not sold in 2012.
Shareholders were dunces as far back as 2009 to have not replaced them.
I hope the shareholders stay the course and run the ex-titanic company into the berg.
This whole mess will get even worse; the twins probably have terrific golden parachutes that will bankrupt what’s left after their ouster. These two remind me of Mr. Wint and Mr. Kidd in “Diamonds are Forever.”
For replacements may I suggest Laural and Hardy? Abbott and Costello? Dean Martin and Jerry Lewis?
What do you mean they are all dead?
Isn’t Lewis still kicking?
What about Buckwheat?
Obama and Biden may be available late 2012
Agreed; although if they run short of time, Palin and Bachman are available… 😉
Perhaps Mr Lewis could host a telethon to benefit his “kids,” Lazaridis and Balsillie.
rearranging the deck chairs on the titanic
Just what they need, a banker!
The ship just side swiped an ice berg. Jolted from their deep slumber, they purposefully begin rearranging the deck chairs. Well now, maybe they should be looking for a life jacket and a way off that ship. On second thought, the CEO’s should down down with the ship just like a Ships Captain.
big deal. rearranging the deck chairs on the Titanic.
Nooooooooo
Rearranging the deck chairs. Kind of funny indeed to repeat other people’s posts. Besides, I’m definitely into chair comments.
Balisillie- best CEO name ever, what’s that aboot?
I would have made a Titanic chair comment but I, unlike most others, read previous posts.
Who are they going to replace the fat old guy with? Jabba the Hutt?
Chairs…Get the chair thrower supreme to the rescue.
He can certainly come up with the cash to do it.
Honestly — what can possibly be done now? They had their chance, and they sat on their thumbs while Apple took it away from them. It’s too late now.
——RM
Replacing Captain Smith with Captain Stubing isn’t going to change the fact that the RIMM ship is already going down and it’s going down fast.
or with Captain Grumby
I don’t know what youall are talking about; Mike & Jim have done a great job. There is no iceberg; the ship is not sinking! RIM will retake the smartphone market this year. Mike & Jim are bringing out New phones and New Tablets! Let’s keep Mike & Jim in charge. They’re sure to take RIM where it needs to go; where the shareholders have been watching it go; let them make it go! 😉
Perhaps the best plan is to substitute Lazaridis and Balsillie with 4 Co-CEOs. After all 4 heads think better than 2