RIM is preparing to change up its executive structure soon, and this move may cost RIM co-CEOs Jim Basillie and Mike Lazaridis their titles as co-Chairmen of the Board, says one report. RIM’s independent directors are expected to unveil the role change recommendations by the end of January.
The news comes after RIM is apparently under a bit of pressure from a group of shareholders to mix things up. Independent director Barbara Stymiest is the likely frontrunner to take the position as the singular Chairman of the Board. Should these changes be suggested, the Board would then have 30 days to respond with a thumbs up or thumbs down.
Will these position changes have any major effect on the negative direction the company has been heading in? Don’t count on it. Basillie and Lazaridis still remain CEOs with strong voices, though their impact on the Board would be weakened.
If you ask me, RIM should be under much more pressure from the market to actually release some good smartphones and tablets. (With today’s news about the Playbook price cut, it seems RIM is under pressure for the latter.) I’m also pretty baffled at the idea of two CEOs — just pick one, damn it.
RIM’s stock closed at $15.51 today, dangerously close to its 52-week low of $12.45. The company is in desperate need of change.
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