Printed from http://www.electronista.com

RIM shareholders call on CEO, chairman roles to split

updated 04:15 pm EDT, Fri June 10, 2011

Investor demands RIM decouple executive roles

RIM's co-founders faced a minor investor mutiny on Friday after a shareholder group, Northwest & Ethical Investments, called on the company to decouple the roles of chairman and CEO. A filing revealed that it had asked for co-CEOs Jim Balsillie and Mike Lazaridis to no longer automatically assume board chairman roles along with their control of the company itself. They called on the company to make the chairman an independent board member.

Northwest singled out an incident where Balsillie had resigned his chairman spot in early 2009 due to a stock options controversy, only to come back in December 2010. The move ran against ethical best practices and its own commitment to improving financial integrity, the investors said in a statement.

RIM's annual shareholder meeting is due July 12. The company has made an official recommendation against the motion and claims John Richardson is the effective leader of the board. As chairmen, however, the two CEOs have disproportionate power.

Balsillie and Lazaridis have headed up RIM since it was created but have more recently been called liabilities for their insistence on personal control of management beyond other CEO-centric companies like Apple. They had been hailed during RIM's rise and virtual dominance of business phones but have been chastised for being slow to change strategy and rapidly losing share to Android and iPhone. Concerns have also existed over increasingly erratic behavior when facing challenges from the press.



By Electronista Staff
toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Sponsor

Recent Reviews

Kenu Airframe Plus

Simple, stylish and effective, the Kenu Airframe + portable car mount is the latest addition to Kenu's lineup. Released earlier this y ...

Plantronics Rig Surround 7.1 headset

Trying to capture the true soundscape of video games can be a daunting task. Looking to surround-sound home theater options, users hav ...

Adesso Compagno X Bluetooth keyboard

The shift from typing on physical keyboards to digital versions on smartphones and tablets hasn't been an easy for many consumers. Fro ...

Sponsor

toggle

Most Commented

 
toggle

Popular News