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.