RIM co-CEOs have 6 Months to Prove Dual Positions are Necessary
Last month Northwest & Ethical Investments LP conducted a class action lawsuit against Research In Motion to split the co-CEOs. However, they withdrew after RIM tried to make the case the chairman title helps co-CEOs Jim Balsillie and Mike Lazaridis generate business, especially overseas. RIM did agree to setup a committee to determine if the co-CEO positions are necessary for the success of the company.
“We wanted to give them a chance to prove that there is an actual business necessity,” Jennifer Coulson, manager of corporate engagement at Northwest & Ethical, said in an interview at the shareholder meeting.
RIM has until January 31st 2012 for the results to be determined, and if Northwest & Ethical Investments LP will continue to try and separate the co-CEOs. What do you think, should Jim and Mike split? Should RIM seek a new CEO?