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RIM Paying Mike Lazaridis & Jim Balsille $12 Million in Exit Package

Mike Lazaridis and Jim Balsillie Years Ago Thorsten Heins RIM 

It was just this past December when Mike Lazaridis and Jim Balsille cut their pay to a symbolic $1. Now the Globe & Mail is reporting that both of them are receiving an exit package that is worth a combined $12 million. That is not bad when it comes to golden parachutes. Lazaridis remains as vice chair of the board with a dedicated office, company car and driver, along with $3.9 million in compensation. Balsillie is no longer on the board and is getting entitlements of a combined 7.9 million. They also note that Thorsten Heins had an executive pay of $1.9 million which was raised to $10.2 million for 2012 now that he is CEO. His contract also state that if he is fired “Without cause or good reason” he is entitled to 24 months of pay at his salary.

RIM also stated that one of their directors, Antonio Viana-Baptista, is not standing for reelection when RIM holds them shortly. They have put forth Goldman Sachs managing director Timothy Dattels, who has experience in Asia as their candidate.

Not much of this has anything to do with getting BlackBerry 10 to us sooner but it is interesting.

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  1. No a bad payout considering how much investor wealth they’ve destroyed in the last few years.

    On the lighter side, that picture of them would make a good caption contest….

    “Mike and Jim showing off their latest technology that they’ll be marketing as cutting edge in 2008,2009,2010,2011,and 2012.”

    “Mike and Jim showing off the devices they use all day as they try and buy and relocate NHL teams.”

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