RIM Co-CEO Jim Balsillie Steps Down From Board

Posted Mar 29, 2012

RIM Co-CEO Jim Balsillie has stepped down from the board of directors after the company announced their fourth quarter earnings missed on guidance for the fifth fiscal quarter in a row. The company brought in $4.2 billion in revenue, which is $0.4 billion below its guidance. The company said that they will discontinue offering guidance going forward.

RIM is also planning on getting rid of high level staff at RIM. RIM CEO Thorsten Heins said ?we are undertaking a comprehensive review of strategic opportunities including partnerships and joint ventures, licensing, and other ways to leverage RIM’s assets and maximize value for our stakeholders.?

RIM is also laying off a bunch of high level staff. Sales and marketing teams are at risk as well. RIM shipped 11.1 million smartphones for the quarter.