Beleaguered “Research In Motion Ltd. will pay former co-chief executives and co-chairmen Jim Balsillie and Mike Lazaridis close to $12 million combined as part of their exit from the top posts at the company,” Christine Dobby reports for The Financial Post.
“The company said in a filing with the U.S. Securities and Exchange Commission Thursday that it reached transition agreements with the two as part of their resignations as co-CEOs and current chief executive Thorsten Heins` assumption of the role in January,” Dobby reports. “The total value of the ‘entitlements’ under the agreement with Balsillie was $7.93 million, RIM said.”
Dobby reports, “The value of Lazaridis` entitlements, including the value of the future acceleration of unvested restricted share units, is $3.96 million… Lazaridis remains on the board but Balsillie resigned from his role as a director on March 29.”
Read more in the full article here.
DCW’s Board: “Uh, okay, here’s $12 mill for failing in abject fashion. Now, back to the central question, why does the Ty-D-Bol Man keep sailing by us with ever-increasing frequency?”