RIM is Selling a Private Executive Jet in Frantic Bid to Cut Costs

It always sucks to let go of something you love.

In RIM's case, it has had to do just that (and no, I'm not talking about the millions of North American customers it's lost). The Waterloo-based BlackBerry maker is putting one of its two private jets up for sale as part of its efforts to shave $1 billion in company costs, multiple people with knowledge of the matter have said.

According to Bloomberg, the jet could fetch up to $7 million. It would also save RIM more than $2 million in annual operating and maintenance expenses. 

The jet is a nine-passenger, midrange Dassault Aviation SA F50EX. RIM will keep its other jet, which holds five more passengers and can travel longer distances.

Other things RIM is getting rid of this year to trim costs include, you know, 5,000 employees, and stuff like that. But one thing that doesn't appear to be shrinking is Thorsten Heins' $10 million compensation package, despite RIM losing roughly 30% of its value in the short few months that Mr. Heins has been at the helm.