The Research In Motion saga is off with a bang in 2012 with a report that Mike Lazaridis and Jim Balsillie could be relieved of their titles as co-chairmen of the board (but would remain as co-CEOs). Citing anonymous sources, the Financial Post is reporting that a committee of seven independent directors of RIM’s board are currently looking at the company’s governance. They are expected to complete a report by January 31st is expected to offer a number of options. The full board which includes Lazaridis and Balsillie would then have 30 days to respond to the recommendations.
The report adds that one option being considered would see RIM’s board having an independent chair rather than a lead director. Barbara Stymiest, an independent director on the board since 2007, is believed to be the front-runner to take on this role.
RIM agreed to review its governance structure this past summer in response to pressure from shareholders. With RIM’s fortunes not improving since then, pressure is mounting for the company to make changes to help it turn things around.
Read more: Financial Post