SAN FRANCISCO (MarketWatch) — The two embattled co-chief executives of Research In Motion Ltd. have finally responded to the pressure from shareholders. But is it too little too late?
Jim Balsillie and Mike Lazaridis told The Wall Street Journal they will be stepping down as co-CEOs on Monday and handing over the reins to Thorsten Heins, RIM’s RIMM -6.24% chief operating officer.
But neither executive, both of whom are among the company’s largest shareholders, are cutting their ties completely with the company. Lazaridis will stay on as vice chairman of the board, and Balsillie will stay on as a director.
Read RIM news from the Wall Street Journal.
Earlier this month, news reports said that Barbara Stymiest, an independent director, would replace the two as co-chairmen of the board. Indeed, Stymiest — who served as the head of the Toronto Stock Exchange for five years, among other positions — was also expected to be named chairman. So shareholders are bound to be somewhat thrilled that these moves are much bigger than previously anticipated.
But the interviews the executives gave on Sunday seem to indicate that the company does not plan any change in its current strategy, which some might argue has helped push Research In Motion into its downward spiral. A report also surfaced in recent weeks that Balsillie and Lazaridis rebuffed at least one interested suitor: Amazon.com
