Thursday, June 14, 2012

RIM To Pay $12 Million To Mike Lazaridis And Jim Balsillie

Mike Lazaridis and Jim Balsillie, the co-founders of Research In Motion creator of BlackBerry, will be receiving $12 million for stepping aside as co-chief executive officers, according to a company document filed on Thursday.

The document noted Mr. Lazaridis and Mr. Balsillie “revolutionized the worldwide wireless industry with the introduction of the BlackBerry and forever changed how the world communicates,” the company said in a management circular that it had entered into transition agreements with the two executives.

Jim Balsillie who stepped down to an ordinary director during the management shakeup and later completely left the company will receive an entitlement of $7.9 million. Mike Lazaridis remains as the vice-chair of the board with responsibilities for innovation and still has the use of a dedicated office, as well as a company car with a driver. Lazaridis will receive a compensation of $3.9 million.

Additionally, the filing notes Thorsten Heins financial arrangements with RIM. Mr. Heins, who joined RIM several years ago after a long stint in senior roles at the top of the German conglomerate Siemens AG, received about $1.9-million in total compensation in fiscal 2011. His compensation increased with the promotion to about $10.2-million in fiscal 2012.

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