RIM Co-CEO Temporarily Steps Down After Continued Stock Options Charges

This is the face you make when you lose five million bucks.

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]

Back to top ▴