July 13, 2011

RIM Shareholders: Dumb as the Day is Long

Jim Dalrymple, writing for The Loop:

RIM’s co-CEOs and the Board of Directors were not only let off the hook, the shareholders re-elected all of the board members. According to Reuters, the preliminary count was about 90 percent support for each board member.
Not only that, a shareholder motion that would have forced Mike Lazaridis and Jim Balsillie to give up their co-Chairman roles, was withdrawn. RIM promised to set up a committee to study the situation.

RIM is the company behind the Blackberry. It had the mobile world by the tail at one time, but its co-CEOs have been in denial since the iPhone appeared in 2007. They simply have no answer to Apple's mobile phone and tablet offerings.

A committee will be formed, issues will be discussed, a report will be generated. At the same time, their stock price will crater, their customer base will desert them, and they will be bought for chump change.

Shareholders had their opportunity here. They chose stay the course over the falls. Whee!