Mike Lazaridis and Jim Balsillie Receive $12 Million Payout from RIM

Mike Lazaridis and Jim Balsillie, the famous-turned-infamous co-CEOs of juggernaut-turned-milksop Research In Motion, will receive a combined payout of $12 million after stepping down from their roles earlier this year, company documents filed this morning reveal.

In January, Mike and Jim resigned as co-CEOs and co-chairman of RIM's board of directors, allowing Thorsten Heins to take over as a single CEO. Mike and Jim saw the company fall from a high of more than $140 in 2008 to just $12. Thorsten hasn't fared any better so far, with RIM shares having tasted single digits last week. And RIM has already issued a warning for its next quarterly results, which are due at the end of this month.

Mike, who remains on RIM"s board and still has his own office at company headquarters (as well as a company car with a driver), will receive about $4 million in compensation for his exit. Jim, who has since left the company completely, will be paid roughly $8 million.

Photo: Dave Chidley, The Canadian Press

Waterloo, Ontario, Canada

Research In Motion (RIM), a global leader in wireless innovation, revolutionized the mobile industry with the introduction of the BlackBerry solution in 1999. Since then, BlackBerry products and services have continued to change the way millions of people around the world stay connected. With the launch of BlackBerry 10, we have re-designed, re-engineered and re-invented BlackBerry. Not only... more

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Knowlton Thomas

Knowlton Thomas

Knowlton is the managing editor of Techvibes and author of Tempest Bound. Based in Vancouver, Knowlton has been published in national publications and has also appeared on television and radio. Previously he was an editor for New Westminster weekly The Other Press and served on its board of directors. When not working, Knowlton enjoys hiking, tennis, and martial arts. more

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