Jaguar FinancialRSS

RIM co-CEOs step down

Thorsten Heins takes over as CEO and president at RIM

RIM has appointed a new CEO after increasing shareholder pressure and a poor financial performance in 2011. Thorsten Heins will take over as president and CEO, with former co-CEOs Mike Lazaridis and Jim Balsillie stepping down. Lazaridis will become vice chair of RIM’s board and chair of the board’s new Innovation Committee and Balsillie will remain a member of the Board.

RIM sees profit slashed by more than half

RIM saw its profits drop to less than half of both 1Q2011 and 2Q2010, in its quarterly results for 2Q11

RIM’s has seen its profits slide to less than half of what it generated in the previous quarter, and to little over 40 per cent of what it made in the same quarter last year. The company’s quarterly earnings for 2Q11 revealed that its net income for the quarter was $329 million. This marks a steep drop from the $695 million it recorded in 1Q11, an even steeper fall from the $797 million made in 2Q10.

@telecoms