Millions as farewell for former blackberry boss

Millions as farewell for former blackberry boss

The longtime top executive received $4.8 million in addition to a base salary of just over $1 million and a stock bonus when he left the top job in january, according to RIM documents for the shareholder meeting.

In total, the company put balsillie’s income in the fiscal year that ended in february at just under eight million dollars. In addition, when he left the board of directors in march, options were prematurely converted into shares, the value of which was estimated at 3.1 million dollars at the price at that time.

Balsillie’s colleague mike lazaridis, who stepped down as co-chief executive at the same time, received an additional payment of over 862,000 dollars as a farewell to the company’s top management. But unlike balsillie, lazaridis remained a member of the board of directors. RIM put its total revenues for the year at around four million dollars. In addition, he will also have a 3.1 million dollar option package converted into shares as soon as he leaves the board of directors.

The two managers had revolutionized the global mobile communications industry and boosted RIM’s sales from 294 million to nearly 20 billion dollars, the company said in a statement. The two long-serving group leaders are often blamed for the desolate situation of RIM (research in motion). For a long time, they had downplayed the threat posed by apple’s iphone and phones with the google operating system android, and relied on classic blackberry models with keyboards.

Their successor, german manager thorsten heins, wants to turn things around with the next operating system blackberry 10. However, after several delays, it is not expected to be launched until the end of the year. RIM still faces a months-long dry spell.

Heins received a share package worth 9.5 million dollars with his appointment as CEO, which significantly increased his previous base salary of 670,000 dollars.

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