June 30 news, according to Reuters, RIM subordinated to the pressure of shareholders on Thursday, agreed to study the spin-off joint chairman and joint CEO positions to avoid a showdown at the annual general meeting of shareholders.
Since December last year, Jim Balsillie and Mike Lazaridis have served as co-chairmen and co-CEOs. However, the two of them disappointed investors. The Canadian BlackBerry maker is hard to resist the competition between Apple and Google.
RIM issued a statement saying that an independent board committee will be set up to study the positions of the executive and the board of directors and provide advice for restructuring the company. In response, activist shareholders Northwest and Ethical Investments revoked the proposal to vote at the annual meeting on July 12.
Edward Snyder of Charter Equity said: "This means that RIM is making progress on other issues. It seems like a band-aid solution." RIM's Independent Board of Directors must submit its report before January 31, 2012, after which the board of directors will respond within 30 days.
Snyder said that the voting book would give investors the opportunity to examine RIM's leadership strategy. This year, RIM's share price has fallen by half. Snyder said: "The problem with RIM is that management cannot implement their plans. I do not see this situation changing quickly."
One person who did not want to be named and claimed to be a RIM executive issued a 1,700-word letter on the BGR website on Thursday, slamming RIM for failing to focus on users and developers and questioning the efficiency of the joint CEO structure. Response to this RIM, will actively respond to challenges.
Since December last year, Jim Balsillie and Mike Lazaridis have served as co-chairmen and co-CEOs. However, the two of them disappointed investors. The Canadian BlackBerry maker is hard to resist the competition between Apple and Google.
RIM issued a statement saying that an independent board committee will be set up to study the positions of the executive and the board of directors and provide advice for restructuring the company. In response, activist shareholders Northwest and Ethical Investments revoked the proposal to vote at the annual meeting on July 12.
Edward Snyder of Charter Equity said: "This means that RIM is making progress on other issues. It seems like a band-aid solution." RIM's Independent Board of Directors must submit its report before January 31, 2012, after which the board of directors will respond within 30 days.
Snyder said that the voting book would give investors the opportunity to examine RIM's leadership strategy. This year, RIM's share price has fallen by half. Snyder said: "The problem with RIM is that management cannot implement their plans. I do not see this situation changing quickly."
One person who did not want to be named and claimed to be a RIM executive issued a 1,700-word letter on the BGR website on Thursday, slamming RIM for failing to focus on users and developers and questioning the efficiency of the joint CEO structure. Response to this RIM, will actively respond to challenges.
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