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RIM CEO Steps Down Amid Back-Dating Issue

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Feb 5, 2009, 9:30 PM   by Eric M. Zeman

RIM co-CEO Jim Balisillie will have to vacate his board seat and re-pay tens of millions of dollars in order to settle with the Canadian government over backdating of stock options. According to Reuters, Balsillie will have to pay a penalty of $4.1 million to the Ontario Securities Commission. Co-Chief Executive Mike Lazaridis will also pay a $1.2 million fine. Both men, and RIM's former CFO, Dennis Kavelman, will repay $31.25 million to the company as well as $24.48 million to cover the expense of the internal investigation conducted by RIM. Balsillie may not return to RIM for at least 12 months, though Lazaridis can stay.

more info at Reuters »

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