Canadian handset maker RIM is reportedly preparing for a shake-up of its governance structure, which could potentially see the company’s two co-founders, Jim Balsillie and Mike Lazaridis, giving up their roles as co-chairmen.
Citing sources familiar…
Canadian handset maker RIM is reportedly preparing for a shake-up of its governance structure, which could potentially see the company’s two co-founders, Jim Balsillie and Mike Lazaridis, giving up their roles as co-chairmen.
Citing sources familiar with events, the Canadian newspaper National Post said that Barbara Stymiest, currently an independent director at RIM, is believed to be the leading candidate to become chair of the company.
Nonetheless, sources reportedly said that the evaluation process could result in different options and a final decision has not been made yet.
In a statement, RIM said that its board had established a committee of independent directors to examine its governance structure, which will report its findings on 31 January.
It said that the committee is “on track” to meet this deadline and RIM will then respond publicly to the Committee’s recommendations within 30 days.
RIM’s board set up the committee in June, after some shareholders voiced concern over the company’s governance structure.
One shareholder, NEI Investments, withdrew a proposal it had planned to put forward to RIM’s Annual General Meeting, which asked that the company’s board to adopt a policy to divide the roles of chair and CEO, and to appoint an independent chair.
Jim Balsillie and Mike Lazaridis are currently both co-chairmen and co-CEOs of RIM. Lazaridis is also the company’s president.
In its Q3 results, released on 15 December, RIM announced net income of US$265m for the three months ending on 26 November, compared to net income of US$911m in Q3 2010.
