New chair tipped to lead BlackBerry maker: report

Jan 03, 2012
An official of Research in Motion (RIM) displays a newly launched BlackBerry bold 9900 at a function in New Delhi in August. A former banker and stock exchange head, Barbara Stymiest, could become the first-ever independent chair of RIM in a shakeup of the beleaguered BlackBerry maker.

A former banker and stock exchange head could become the first-ever independent chair of Research in Motion in a shakeup of the beleaguered BlackBerry maker, a report said Tuesday.

The National Post, citing sources familiar with a review of RIM's governance structure, said Barbara Stymiest, 55, an independent director who joined RIM's board in 2007, has been tipped for the post.

RIM would only say that a committee of independent directors were "on track" to study the company's governance structure and report their findings by the end of January.

The board will then respond within 30 days to the committee's recommendations, a RIM spokesman said.

The review was demanded by a group of shareholders unhappy with the direction set by co-founders Mike Lazaridis and Jim Balsillie that led to RIM's stock price sinking under the weight of gloomy earnings figures.

The Waterloo, Ontario-based RIM saw its share of smartphone subscribers fall to 16.6 percent from 19.7 percent in the key US market after a major outage in October, while RIM shares lost 80 percent of their value in the past year.

The board committee was asked to assess the merits of having an independent chair and of reducing the board roles of Lazaridis and Balsillie, who are also RIM's co-chief executives.

RIM agreed to the governance review last July to avoid a public confrontation with shareholders at its annual meeting. A group of shareholders proposed splitting the chair and chief executive roles to boost accountability.

Stymiest, 55, is the former head of the TSX Group, which operates the , and the Royal Bank of Canada's former chief operating officer.

Explore further: Jury says Silicon Valley firm did not discriminate (Update)

add to favorites email to friend print save as pdf

Related Stories

RIM shareholder calls for separate CEO, chairman

Jun 11, 2011

(AP) -- BlackBerry maker Research in Motion Ltd. is already struggling to keep up with rivals such as Apple Inc. Now it faces another challenge: dissident shareholders who are calling for changes in how the company is run.

BlackBerry maker sees challenges in phone launch

Jul 13, 2011

(AP) -- BlackBerry maker Research In Motion Ltd.'s co-CEO told shareholders Tuesday that the company is facing challenges as it moves toward what it calls its biggest product launch yet.

RIM shares soar on Icahn stake reports

Sep 27, 2011

Shares of Research In Motion rose sharply on Wall Street on Tuesday amid speculation that billionaire US investor Carl Icahn has taken a stake in the troubled BlackBerry maker.

RIM shares fall on disappointing results

Sep 15, 2011

Shares in Research In Motion (RIM) fell sharply in after-hours trading on Thursday after the BlackBerry maker said it shipped fewer smartphones and tablet computers than expected in the quarter.

Blackberry maker RIM to buy back $1.2 bln in stock

Nov 05, 2009

Blackberry smartphone maker Research in Motion (RIM) announced Thursday it would buy back 1.2 billion US dollars worth of its stock to prop up the sagging share price amid heightened competition.

RIM shares plunge on lowered earnings outlook

Dec 04, 2011

Research In Motion shares plunged Friday as the struggling BlackBerry maker said it will not meet its annual earnings target and it is taking a $485 million charge because of weak sales of the PlayBook tablet ...

Recommended for you

Intel in talks with Altera on tie-up

Mar 27, 2015

US tech giant Intel is in talks with rival Altera on a tie-up to broaden the chipmaker's product line amid growth in Internet-connected devices, the Wall Street Journal reported Friday.

Apple chief Cook to give his wealth away: Fortune

Mar 27, 2015

Apple chief Tim Cook is joining Mark Zuckerberg, Bill Gates and other technology titans who have vowed to donate their wealth to charities, according to a report in Fortune magazine.

BlackBerry tops 4Q profit forecasts

Mar 27, 2015

BlackBerry posted a surprise profit in the fourth quarter, but saw a sharp drop-off in revenue as the once-iconic smartphone company said it reached the halfway mark of its turnaround effort.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.