WATERLOO – For the first time in more than two decades, Research In Motion, maker of the iconic Blackberry and Canada’s largest tech company, has a new leader after founders and co-CEOs Jim Balsillie and Mike Lazaridis stepped down Sunday.
Chief operating officer Thorsten Heins, hand-picked by the outgoing executives, is the new president and CEO. He also joins the board of directors.
The structure of the company’s board of directors is also further changing. Lazaridis, former co-chair and co-CEO, has become vice chair of the board and chair of its new innovation committee. As vice-chair, “he will work closely with Mr. Heins to offer strategic counsel, provide a smooth transition and continue to promote the BlackBerry brand worldwide,” reads the official company press release.
"Mike created a whole new way of communicating and I look forward to continuing our close collaboration,” said Heins in the release.
"There comes a time in the growth of every successful company when the founders recognize the need to pass the baton to new leadership. Jim and I went to the board and told them that we thought that time was now. With BlackBerry 7 now out, PlayBook 2.0 shipping in February and BlackBerry 10 expected to ship later this year, the company is entering a new phase, and we felt it was time for a new leader to take it through that phase and beyond. Jim, the board and I all agreed that leader should be Thorsten Heins,” said Lazaridis in the same statement.
"I agree this is the right time to pass the baton to new leadership, and I have complete confidence in Thorsten, the management team and the company," added Balsillie, who will remain on the board of directors.
Lazaridis said he decided to move from co-chair to vice chair of the board in order to return the public's focus to what is most important: "the great company we have built, its iconic products, global brand and its talented employees,” reads the release.
"Thorsten has demonstrated throughout his tenure at RIM that he has the right mix of leadership, relevant industry experience and skills to take the company forward. We have been impressed with his operational skills at both RIM and Siemens. I am so confident in RIM's future that I intend to purchase an additional $50 million of the company's shares, as permitted, in the open market,” added Lazaridis.
Heins, 54 (right), joined RIM from Siemens Communications Group in December 2007 as senior vice-president for hardware engineering and became chief operating officer for product and sales in August 2011.
"Mike and Jim took a bold step 18 months ago when RIM purchased QNX to shepherd the transformation of the BlackBerry platform for the next decade," Heins said of the technology upon which RIM’s future BlackBerrys are being built. "We are more confident than ever that was the right path. It is Mike and Jim's continued unwillingness to sacrifice long-term value for short-term gain which has made RIM the great company that it is today. I share that philosophy and am very excited about the company's future.
"We have a strong balance sheet with approximately $1.5 billion in cash at the end of the last quarter and negligible debt. We reported revenue of $5.2 billion in our last quarter, up 24% from the prior quarter, and a 35% year-to-year increase in the BlackBerry subscriber base, which is now over 75 million. BlackBerry 7 has been well received. We are very excited about PlayBook 2.0 and BlackBerry 10. The reception of our products at this year's Consumer Electronics Show was encouraging.
"RIM earned its reputation by focusing relentlessly on the customer and delivering unique mobile communications solutions. We intend to build on this heritage to expand BlackBerry's leadership position,” Heins continued, in the company release.
The company is also in the middle of recruiting a new chief marketing officer who will presumably overhaul the company’s advertising and promotional thrusts in its various markets.
Barbara Stymiest, who formerly served as a member of Royal Bank of Canada's Group Executive and has been a member of RIM's Board since 2007, has been named the independent board chair. John Richardson, formerly lead director, will remain on the Board. Prem Watsa, CEO of Fairfax Financial Holdings, has also been named to the board, expanding it to 11 members.
www.rim.com
