Deals
RIM Falls After Replacing CEOs With Insider to Battle Apple
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Research In Motion Ltd. fell after replacing co-Chief Executive Officers Jim Balsillie and Mike Lazaridis with an insider who said he sees no need for radical change as the company struggles to compete with Apple Inc.
Thorsten Heins, a chief operating officer who joined RIM four years ago from Siemens AG, will replace the pair in the CEO post effective immediately, RIM said in a statement. Director Barbara Stymiest will take over as chairman, as the two also cede their co-chairmen positions. Lazaridis, who founded RIM in 1984, will become vice chairman; Balsillie will remain a board member without any operational role.