A former bank executive could replace the co-CEOs of BlackBerry maker Research in Motion as the next chairman.
Sources familiar with the events told the Financial Post that 55-year-old independent director Barbara Stymiest is believed to be the leading candidate to replace co-CEOs Mike Lazaridis and Jim Balsillie as chair of the board.
The Canadian company has been facing pressure from some shareholders to shake up its corporate governance in the wake of disappointing sales, layoffs, personnel embarrassments and other woes.
A committee of seven independent directors of RIM's board, including Stymiest – former chief operating officer at Royal Bank of Canada – have been analyzing the company's board structure and is scheduled to deliver a report by Jan. 31, the Financial Post reported. RIM's entire nine-member board, including Balsillie and Lazaridis, will respond to the report's recommendations within 30 days, the report said.
RIM shareholder Jaguar Financial Corp. has been exerting pressure on the company to shake up its management and sell itself.
"At this point we believe investors have lost faith in the ability of the RIM management team to carry out a proper game plan to restore value," Jaguar Chairman and CEO Vic Alboini said last month. "Unless the independent directors push to replace management or change RIM's strategic focus, Jaguar believes that the road map to value restoration lies in a sale of RIM whether as a whole or in separate parts."
Shareholders have good reason to be peeved: The stock price at RIM plummeted 75 percent last year and the allure of the once-formidable BlackBerry brand has been dissipating as rivals like Apple's iPhone and Android-powered devices continue to post record growth.
