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More investors call for RIM co-chairman, co-CEO break-up

News by Dan Seifert on Monday June 27, 2011.

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Another group of investors has voiced the opinion that RIM co-chairmen Mike Lazaridis and Jim Balsillie should step down and let someone else take the helm of the company's board of directors.

Lazaridis and Balsillie share the titles of CEO and chairman of the board and are the company's two largest shareholders. Institutional Shareholder Services (ISS) joined the voice of another investor in saying that the dynamic duo should be split up and that new leadership is needed. "There seems to be no compelling rationale for the company to resist handing over all of the duties of chair along with the title," said ISS.

RIM's defense of the co-CEO/co-chairman positions has been that John Richardson, an independent board member, was already acting as de facto chairman of the board. ISS' rebuttal was that Richardson was not effective enough to counterbalance the influence of the two CEOs. Shareholders will vote on the issue next month at RIM's annual meeting. [via Reuters]

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Dan Seifert
Dan is MobileBurn.com's Editor-in-Chief. Based in Poughkeepsie in New York, Dan can be found on Twitter as @DCSeifert.

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