RIM Q4 Results: Jim Balsillie Resigns From Board As Company Misses Expectations

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RKIM Q4 RESULTS JIM BALSILLIE RESIGNATION
Jim Balsillie has resigned from RIM's board. (Photo by Kevin Van PaassenThe Globe and Mail) | CP

Research In Motion co-founder and ex-CEO Jim Balsillie has resigned from the company's board of directors, the company announced Thursday as it missed expectations on its fourth-quarter results.

RIM's new CEO, Thorsten Heins, called the company's challenges "significant" and said he will be reviewing options, including partnerships, licensing or joint ventures.

"The business challenges we face over the next several quarters are significant and I am taking the necessary steps to address them," Heins said in statement.

Waterloo, Ontario-based RIM is beginning to lay off high level executives, with the first pink slips going out to senior vice-president and vice-president level employees on Thursday, the Globe and Mail reported.

The company reported a loss of 24 cents a share on revenue of $4.2-billion, falling well short of analysts' expectations of a profit of 82 cents per share. RIM was forecast to bring in revenue of $4.5-billion; it came in at $4.2 billion.

"As I complete my retirement from RIM, I'm grateful for this remarkable experience and for the opportunity to have worked with outstanding professionals who helped turn a Canadian idea into a global success," Balsillie said in a statement.

Balsillie, along with co-CEO Mike Lazaridis, resigned as company head in January to make way for current CEO Thorsten Heins. The move was seen as an attempt to renew the company's image, but was criticized by many for not bringing new blood to the struggling company.

Shipments of BlackBerrys fell 21 per cent from the previous quarter, to 11.1 million.

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Balsillie resigns from RIM board