RIM's co-CEO Balsillie stepping down from board as part of backdating settlement

Remember that settlement RIM reached with the Ontario Securities Commission yesterday? Well, details of the arrangement have emerged, and Reuters is reporting that in addition to over $90 million CAD being repaid, the company's co-CEO will be stepping down from its executive board as part of the deal. Jim Balsillie will reportedly have to fork over $5 million CAD (~$4.1 million USD) and his position on the board for at least 12 months -- though we're not sure if he intends to return (or if he'll be welcomed back).

[Via BlackBerry Cool]

[(Unverified) Posted Feb 5th 2009 6:57PM]

Stepping down from the Board, not the company?

[(Unverified) Posted Feb 5th 2009 6:59PM]

Dont you mean the other way around?

[(Unverified) Posted Feb 5th 2009 7:03PM]

The headline implies he's stepping down as co-ceo. I don't believe that's the case. He's being forced from the board.

[UchihaSasuke Posted Feb 5th 2009 7:28PM]

So is it safe to say that Jim Balsillie or "silliebals" as they call him in Canadia won't have his RIM job anymore? *badum pish*

[(Unverified) Posted Feb 5th 2009 7:30PM]

Definite +1.

[(Unverified) Posted Feb 5th 2009 8:01PM]

After the settlement hearing with the OSC, the Toronto Globe and Mail notes as of 3:52 PM EST, Balsillie is quoted as saying "“We're going back to work.”.

Once again bad rumours from bloggers who know only gossip.

[(Unverified) Posted Feb 6th 2009 12:04AM]

So much for wanting to buy the Panthers, looks like a sad day for Hamilton hockey.

Kansas City's chance just got much better.

[(Unverified) Posted Feb 6th 2009 5:53AM]

The NHL will be partners with him within 18 months. Look for 6 teams to be eliminated from the league in that same time period. At lesast 15 teams are losing ( bleeding?) money so badly that they can not survive over the short term.

Sorry ... no NHL hockey coming to Kansas City.

[BeholdersEye Posted Feb 8th 2009 10:20PM]

All American CEOs are scumbag bloodsucking leaches that is draining America economy dry.