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This is the face you make after losing thirty million bucks.
Yesterday, RIM and the Ontario Securities Commission had settled (hopefully once and for all) the back-dated stock options scandal from 2006. Today, the damage is public: co-CEO Jim Balsillie will shell out CAN $5 million, and co-CEO number two, Mike Lazaridis, will pay CAN $1.5 million. That’s just the small potatoes. Along with their old chief financial officer, the two co-CEOs will be repaying C$38.3 million for the stock options and another C$30 to pay for the internal probe. On top of the fines, Jim Balsillie will be stepping down from the board of directors for at least a year. Tough break, Jim-dog. It’s unclear if that means he’ll play no part in RIM during that time, or if he’ll just be knocked down the ladder another rung like he had after stepping down from chairman.
[via Reuters]
About The Author
Simon Sage
Simon Sage’s education largely surrounded writing, technology and online community, leading him to begin his blogging career at www.BlackBerryCool.com and to quickly discover a vibrant and active community surrounding BlackBerry and mobile technology. In exploring RIM’s platform, he has learned what enterprises are looking for in mobility as well as what makes the innocuous BlackBerry so appealing to them. Recently Simon’s been covering RIM’s gradual move into an already-crowded consumer market, and the impact of burgeoning challengers, such as the iPhone, as well as long-time leaders, like Nokia, on BlackBerry’s advancement. With plenty of content under his belt, Simon will be branching off a bit to see what other smartphone manufacturers are working on while still using BlackBerry as a barometer. At IntoMobile, you can count on his posts being even-handed, well-informed and thought-out.
