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Winnipeg Free Press - PRINT EDITION
Shareholders in RIM give voice to frustration
Barbara Stymiest (CP)
WATERLOO, Ont. -- Shareholders of Research In Motion expressed their frustration Tuesday with the company's delayed product launch and eroding market share, with some calling for a major upheaval in its leadership.
RIM's annual meeting was the first time since last summer that most of the company's investors have had an opportunity to speak directly to its executive team, including new chief executive Thorsten Heins.
Several came with a clear message, including one shareholder who took to the microphone first to offer his best wishes for Heins, before turning his attention to the board members who have helped guide the company since its heyday as the dominant smartphone maker.
"They've let this problem that RIM faces... get out of hand so badly before they did something about it," he said.
"I don't think, personally, that any of the old directors of the company should sit here today," he added.
The crowd of about 300 people, many shareholders, broke into applause after the comments.
However, despite the vocal criticism, shareholders still re-elected all of the board nominees.
Barbara Stymiest, the company's new chairwoman, defended RIM's leadership, while assuring shareholders that more changes were coming to the board.
"We have a slate of 10 (board members), four of which have been there less than a year," she said in an interview after the meeting.
"Part of the dynamics in managing any board is managing smooth transitions, and we will continue to do that going forward."
At the meeting, others turned their attention to Heins, who took over the top position in January from co-CEOs Jim Balsillie and Mike Lazaridis. One shareholder questioned his pay package, which could fetch Heins between $8 million and $12 million if he exits the company.
Vic Alboini, an activist shareholder and chief executive of Jaguar Financial, said Heins has lost credibility.
"Every now and then there are statements to the effect that things are fine, there's no need for change," he said.
"The reality is, look at the share price, things are not fine. There are a lot of shareholders that are experiencing a lot of pain."
But shareholder George Sinclair of London, Ont. said he was putting his faith in RIM's current plan, which includes delaying the release of the BlackBerry 10 operating system and new products until next year, so additional improvements can be made to prepare it for the market.
"I'm convinced that's the way to go at this time," he said.
-- The Canadian Press
Republished from the Winnipeg Free Press print edition July 11, 2012 B5
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