Former Rim Co-Chiefs Get Millions to Step Down

Research in Motion Ltd. has decided to pay a huge amount to its former co-chief executives as part of their exit from the high level positions at the company. The company revealed this news in a security filing yesterday.

The BlackBerry maker company will give $12 million to the co-chief executives and co-chairs Jim Balsillie and Mike Lazardis in exit payments after they resign this year. However Mike Lizaridis, who will be given $4 million, will remain active with the company as decided in an agreement.

The company had made it clear that the payment is not awarded to the directors to forcefully resign, but it was their personal and professional decision to resign at the beginning of the year. In a statement, the company’s spokesperson said the two former executives “revolutionized the worldwide wireless industry with the introduction of the BlackBerry and forever changed how the world communicates.”

In the last few years, the company bears a huge decline in its share price as it continues to experience a severe loss of market share in the United States. However, RIM is quite confident to get its customers back by introducing a new line of phones equipped with a new operating system. Last month, it unveiled a few videos showing some functionality of the new operating system. This will enable developers to start developing apps for the new OS well before the first handset comes to the market.

Thorsten Heins, who was previously working for Siemens, comes as chief executive of RIM. He was also given a considerable package for this job.

Since Mr. Heins has joined as a senior executive, many people having top positions have resigned. The company is also thinking about more layoffs in the coming days.

It is also revealed in the filing that Karima Bawa, former Legal Chief Officer at RIM, will get a lump sum payment, which is equal to her two years salary.

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