After more than a year of being pressured by shareholders to step down from their roles, co-CEO and co-chairmen of RIM, Mike Lazaridis and Jim Balsille, finally appear poised to do. According to Financial Post sources, RIM’s dual leaders are on the brink of unveiling a corporate shakeup that would see them relinquish their chairmen titles.
It is believed that independent director Barbara Stymiest will take over as chairwoman. The shakeup should occur in February; a report constructed by RIM’s independent directors is expected to be delivered by the end of January, with Mike and Jim to respond within 30 days of receipt.
Shares of RIM plunged 75% last year. Mike and Jim reduced their salaries to $1 each as a symbol of their selfless commitment to the company but it did little to ease their company’s pain. RIM’s reputation diminished from that of a pioneer in the smartphone space to a laggard infamous for product delays and outdated technology.