RIM CEO Steps Down Amid Back-Dating Issue
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.