RIM shakeup gets chilly reception – The Globe and Mail
Research In Motion Ltd.’s (RIM-T15.67-1.57-9.11%) new chief executive officer set out the first steps in his turnaround plan, telling investors that the BlackBerry maker will become “more marketing-driven” and more focused on meeting consumers‘ tastes.
But Thorsten Heins, who took over after a huge weekend shakeup that saw former co-CEOs Jim Balsillie and Mike Lazaridis resign their posts, balked at the idea of a quick fix to raise RIM’s share price, such as breaking up the company, as some investors have suggested.
Speaking to analysts for his first time in the top job, Mr. Heins admitted Monday that RIM has made errors and said it still acts like a startup in some ways, despite the fact that it has $20-billion U.S. in revenue. To turn the firm around, he said it will have to ramp up its marketing efforts, particularly in the U.S., and streamline the development of new products.
“We need to be more marketing driven. We need to be more consumer-oriented because this is where a lot of our growth is coming from,” he said. “We need to engage more with the consumer base.”
Investors, however, were not convinced by what they heard, and some panned RIM’s decision to install Mr. Heins, the former chief operating officer and a hardware specialist, at a time when the firm has fallen far behind Apple and Google.
RIM shares fell more than 9 per cent in Toronto, their largest one-day decline this month, in heavy trading.
Strange Random Management Quote:
- RIM co-CEOs Jim Balsillie and Mike Lazaridis will step down Monday (venturebeat.com)
- RIM’s future isn’t with BlackBerry (macleans.ca)
- RIM co-CEOs resign, new CEO to stay the course (infoworld.com)
- Endgame: RIM’s Balsillie, Lazaridis To Step Down From CEO Roles (contentsutra.com)
- RIM shakeup: New CEO Thorsten Heins takes reins (canada.com)
- New Research in Motion CEO doesn’t inspire markets (sfgate.com)
- RIM Gets New CEO, Chair As Co-Owners Step Down Amid iPhone Pressure (cultofmac.com)
- RIM names COO as new President and CEO (e27.sg)
- RIM leaders quit. Future remains uncertain. (writteninc.blogspot.com)