Research in Motion (RIM) names Balsillie, Lazaridis co-chairmen
Waterloo, Ontario, Canada (AHN) – The board of directors of BlackBerry-maker Research in Motion named Thursday co-chief executives Jim Balsillie and Mike Lazaridis as co-chairmen. On the same day, RIM announced its third quarter results which featured a 40 percent rise in sales.
Because of the higher-than-expected performance, RIM’s sales jumped to $5.49 billion, fueled mainly by its BlackBerry smart phone sales in North America and internationally. As a result, Q3 net income rose to $911.1 million from $628.4 million. It translates into $1.10 per share.
RIM declared earnings per share of $1.74, which is higher than analysts’ forecast of $1.65.
RIM’s financial performance sent shares of the firm climbing in New York trading after hours.
On Thursday also, the RIM board announced that member James Estill left the technology firm because of a business conflict and John Richardson would be retained as lead independent board director. Estill has been with RIM since 1997.
Almost two years ago, the Ontario Securities Commission prohibited Basillie from serving on RIM’s board for one year because of wrongly priced stock options given to all company workers from 1996 to 2006. The OSC also mandated Lazaridis and Estill to pay penalties for the same error.
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