Investor proxy firm calls for RIM co-CEOs to step downAlex Wagner - Deputy Managing Editor, News Desk
Things have been a little bumpy for Research In Motion as of late, and the recent announcement of the company's fiscal Q1 2012 earnings report didn't do much to help its situation. Some feel that the solution to RIM's woes involves co-CEOs Jim Balsille and Mike Lazaridis splitting up and/or stepping down, and today that's exactly what Institutional Shareholder Services has called for. ISS has said that it feels that RIM's board of directors as led by Balsillie and Lazaridis doesn't provide a good balance with the company's management. "There seems to be no compelling rationale for the company to resist handing over all of the duties of chair along with the title," ISS explained. RIM shareholders will vote on whether or not the two executives should be ousted next month.
The ISS isn't the first group to call for the removal of RIM's 1-2 CEO punch, and I've got a feeling that it won't be the last, either. Whether or not the two execs will actually be replaced remains to be seen, but when you combine the recent RIM's market share tumble with less than stellar PlayBook sales and mix in things like this, it certainly seems like something big needs to go down at RIM in order for it to regain at least some of its former glory.
Via MobileBurn, Reuters