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BlackBerry bosses not ready to loosen grip?

india Updated: Jul 08, 2011 21:03 IST

IANS
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BlackBerry co-CEOs Mike Lazaridis and Jim Balsillie are reluctant to loosen their grip on Research In Motion (RIM) despite their decision June 30 to set up a panel to study the overhaul of its management structure, a US investment adviser firm said on Friday.

Reports quoted Glass Lewis & Co as saying that RIM’s decision to appoint the panel to study the overhaul of its management structure indicates that it is avoiding a commitment to appoint an independent chair.

Lazaridis and Balsillie are not only the co-CEOs of the company but also co-chairmen of the BlackBerry’s board of directors. They also have the largest individual shares of 10%.

Last week when Northwest & Ethical Investments LP (one of the major shareholder group in RIM) proposed a vote to split the roles of CEO and chairman, the two co-CEOs relented to head off the crisis. To ward off the vote, RIM bosses set up a committee of independent directors to “study the proposal.”