RIM Investors Should Back Leadership Split, Glass Lewis Says
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Research In Motion Ltd. is facing rising pressure to overhaul its management as a proxy advisory firm said the BlackBerry maker’s combined chairman and chief executive officer structure provides “inadequate independent checks” at a “turbulent” time.
Glass Lewis & Co., which advises investors that manage more than $15 trillion, said RIM shareholders should support a proposed split in the chairman and CEO roles. The proposal, made by Northwest & Ethical Investments LP, will be voted on at RIM’s annual shareholder meeting on July 12. Jim Balsillie and Mike Lazaridis are both co-CEOs and co-chairmen at the Waterloo, Ontario-based company.