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RIM's Co-CEOs Out as Chairmen, Report Says

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After a disastrous year, Research in Motion (RIMM) may be starting 2012 on the right foot.

Once a major player in the smartphone world, RIM has since plummeted behind Android (GOOG) and iOS (AAPL) devices in global usage. Mismanaged by co-CEOs Mike Lazaridis and Jim Balsillie, the company has fallen out of favor with users, developers, employees, and carriers -- even finishing 2011 worth less than Apple's App Store. At this point, analysts have more faith in Nokia (NOK) and Microsoft's (MSFT) partnership than waiting for RIM to bounce back with a new fleet of smartphones in the second half of the year.

However, over six months since a committee planned to investigate whether Lazaridis and Balsillie should keep their seats as board chairmen, the Financial Post claims that the two CEOs will soon be ousted as chairmen.

Speaking with internal sources, the Post reports that understandably irate shareholders have finally pushed Lazaridis and Balsillie out as chairmen, but the two will allegedly maintain their co-CEO titles. According to the Post's sources, independent director and RIM board member Barbara Stymiest is the "likeliest" candidate to replace the ousted chairmen.

Coincidentally, Stymiest also was part of the investigative committee.

RIM will make an official announcement of a possible board shakeup by the end of the month, but if the Post's sources are correct, the company will soon only have to worry about Mike Lazaridis and Jim Balsillie's mismanagement as CEOs.

(See also: Verizon to Squeeze Customers for a Little More Cash and Apple's App Store Now Worth More Than All of RIM)
 
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POSITION:  No positions in stocks mentioned.

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