Major Exec Shake-Up Rocks RIM As Earnings Fall Short
Research In Motion reported its fourth quarter fiscal earnings today and announced that former CEO Jim Balsillie has resigned from the company's board of directors. "As I complete my retirement from RIM, I'm grateful for this remarkable experience and for the opportunity to have worked with outstanding professionals who helped turn a Canadian idea into a global success," said Jim Balsillie. In addition to Balsillie's departure, David Yach will be retiring from his role as CTO Software, and Jim Rowan, COO, Global Operations, has decided to pursue other interests. The company reported quarterly revenue of $4.2 billion, which was down 19% from the previous quarter, on sales of 11.1 million BlackBerries, which was down 21% from the previous quarter. New CEO Thorsten Heins said, "I have assessed many aspects of RIM's business during my first 10 weeks as CEO. The Company has substantial strengths that can be further leveraged to improve our financial performance. I'm very excited about the prospects for the BlackBerry 10 platform, which is on track for the latter part of calendar 2012. Notwithstanding these strengths and opportunities, the business challenges we face over the next several quarters are significant and I am taking the necessary steps to address them. We are undertaking a comprehensive review of strategic opportunities including partnerships and joint ventures, licensing, and other ways to leverage RIM's assets and maximize value for our stakeholders."
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