In The board of directors of BlackBerry maker Research In Motion (RIM) have announced that, acting on the recommendation of its Co-Chief Executive Officers to implement the succession plan they previously submitted to the board, it has unanimously named Thorsten Heins as President and Chief Executive Officer.
Heins was also appointed to RIMs board. The board acted after conducting its own due diligence. Both appointments are effective immediately.
Mike Lazaridis, former Co-Chair and Co-CEO, has become Vice Chair of RIMs board and Chair of the boards new Innovation Committee. As Vice Chair, he will work closely with Heins to offer strategic counsel, provide a smooth transition and continue to promote the BlackBerry brand worldwide.
On the transition to CEO by Heins, Lazaridis said, There comes a time in the growth of every successful company when the founders recognize the need to pass the baton to new leadership. Jim and I went to the board and told them that we thought that time was now. With BlackBerry 7 now out, PlayBook 2.0 shipping in February and BlackBerry 10 expected to ship later this year, the company is entering a new phase, and we felt it was time for a new leader to take it through that phase and beyond. Jim, the board and I all agreed that leader should be Thorsten Heins.
Jim Balsillie remains a member of the board. I agree this is the right time to pass the baton to new leadership, and I have complete confidence in Thorsten, the management team and the company, he said. I remain a significant shareholder and a Director and, of course, they will have my full support.
Lazaridis said that he decided to move from Co-Chair to Vice Chair of the board in order to return the publics focus to what is most important: the great company we have built, its iconic products, global brand and its talented employees.
Heins said he believes that RIM has tremendous potential. He joined RIM from Siemens Communications Group in December 2007 as Senior Vice President for Hardware Engineering and became Chief Operating Officer for Product and Sales in August 2011.
Mike and Jim took a bold step 18 months ago when RIM purchased QNX to shepherd the transformation of the BlackBerry platform for the next decade, Heins said. We are more confident than ever that was the right path. It is Mike and Jims continued unwillingness to sacrifice long-term value for short-term gain which has made RIM the great company that it is today. I share that philosophy and am very excited about the companys future.
Heins said that RIM has a strong foundation on which to build. We have a strong balance sheet with approximately $1.5 billion in cash at the end of the last quarter and negligible debt. We reported revenue of $5.2 billion in our last quarter, up 24% from the prior quarter, and a 35% year-to-year increase in the BlackBerry subscriber base, which is now over 75 million.
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