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.”