Shareholder Seeks to Alter RIM's Management Structure
A major Research In Motion investor has proposed that all shareholders vote down the current governance structure of the company, and ensure that the chairman of the board is not also the company's CEO. Co-CEOs Jim Balsillie and Mike Lazaridis are both also co-chairmen of the board. Northwest & Ethical Investments filed a resolution asking RIM to change its bylaws. It plans to hold a vote at RIM's July 12 general meeting. RIM has asked investors to vote against the resolution. RIM has earned the ire of its investors of late due to its stagnant product roadmap and shrinking market share.
What took so long?