RIM shares plunge - Macleans.ca

RIM shares plunge

Dismal market performance renews calls for new management

by

Shares in Research in Motion took a massive dive on Friday after an investor sell-off, prompting renewed calls for the smartphone maker to make major changes to senior management. RIM stocks fell 19 per cent after the company released an investor report on Thursday described by one analyst as “another nail in the coffin of management.” The market plunge confirms the doubts some company shareholders have in co-CEOs Mike Lazaridis and Jim Balsillie, who each own more than 5 per cent of RIM and who some say prevent the board from acting independently. RIMs troubles began with the release of the BlackBerry Playbook tablet, which has shipped one-third of the expected number of units in the second quarter.

Reuters

Filed under: