January 22, 2012
• Board Acts on Recommendation of Co-CEOs to
Implement Succession Plan
• Mike Lazaridis Named Vice Chair of the
Board
• Jim Balsillie Remains a Director
• Barbara Stymiest Named Independent Board
Chair
• Prem Watsa Named Independent
Director
Waterloo, ON - The Board of Directors of BlackBerry® maker
Research In Motion (RIM) (NASDAQ: RIMM; TSX: RIM) today
announced that, acting on the recommendation of its
Co-Chief Executive Officers to implement the succession
plan they previously submitted to the Board, it has
unanimously named Thorsten Heins as President and Chief
Executive Officer.Mr. Heins was also appointed to RIM's
Board. The Board acted after conducting its own due
diligence. Both appointments are effective immediately.
Mike Lazaridis, former Co-Chair and Co-CEO, has become Vice
Chair of RIM's Board and Chair of the Board's new
Innovation Committee. As Vice Chair, he will work closely
with Mr. Heins to offer strategic counsel, provide a smooth
transition and continue to promote the BlackBerry brand
worldwide.
Mr. Heins said he looks forward to continuing to work with
Mr. Lazaridis, globally recognized as a technology pioneer.
He said, "Mike created a whole new way of communicating and
I look forward to continuing our close collaboration."
On the transition to CEO by Mr. Heins, Mr. Lazaridis said,
"There comes a time in the growth of every successful
company when the founders recognize the need to pass the
baton to new leadership. Jim and I went to the Board and
told them that we thought that time was now.With BlackBerry
7 now out, PlayBook 2.0 shipping in February and BlackBerry
10 expected to ship later this year, the company is
entering a new phase, and we felt it was time for a new
leader to take it through that phase and beyond.Jim, the
Board and I all agreed that leader should be Thorsten
Heins."
Jim Balsillie remains a member of the Board. "I agree this
is the right time to pass the baton to new leadership, and
I have complete confidence in Thorsten, the management team
and the company," he said. "I remain a significant
shareholder and a Director and, of course, they will have
my full support."
Mr. Lazaridis said that he decided to move from Co-Chair to
Vice Chair of the Board in order to return the public's
focus to what is most important: "the great company we have
built, its iconic products, global brand and its talented
employees."
Mr. Lazaridis added, "Thorsten has demonstrated throughout
his tenure at RIM that he has the right mix of leadership,
relevant industry experience and skills to take the company
forward.We have been impressed with his operational skills
at both RIM and Siemens.I am so confident in RIM's future
that I intend to purchase an additional $50 million of the
company's shares, as permitted, in the open market."
Mr. Heins said he believes that RIM has tremendous
potential.He joined RIM from Siemens Communications Group
in December 2007 as Senior Vice President for Hardware
Engineering and became Chief Operating Officer for Product
and Sales in August 2011.
"Mike and Jim took a bold step 18 months ago when RIM
purchased QNX to shepherd the transformation of the
BlackBerry platform for the next decade," Mr. Heins
said."We are more confident than ever that was the right
path. It is Mike and Jim's continued unwillingness to
sacrifice long-term value for short-term gain which has
made RIM the great company that it is today.I share that
philosophy and am very excited about the company's
future."
Mr. Heins said that RIM has a strong foundation on which to
build. "We have a strong balance sheet with approximately
$1.5 billion in cash at the end of the last quarter and
negligible debt.We reported revenue of $5.2 billion in our
last quarter, up 24% from the prior quarter, and a 35%
year-to-year increase in the BlackBerry subscriber base,
which is now over 75 million."
Mr. Heins said, "BlackBerry 7 has been well received.We are
very excited about PlayBook 2.0 and BlackBerry 10.The
reception of our products at this year's Consumer
Electronics Show was encouraging."
He continued, "RIM earned its reputation by focusing
relentlessly on the customer and delivering unique mobile
communications solutions. We intend to build on this
heritage to expand BlackBerry's leadership position."
Mr. Heins said that RIM has grown quickly. "As with any
company that has grown as fast as we have, there have been
inevitable growing pains," he said. "We have learned from
those challenges and, I believe, we have and will become a
stronger company as a result.
"Going forward, we will continue to focus both on
short-term and long-term growth, strategic planning, a
customer- and market-based product approach, and flawless
execution. We are in the process of recruiting a new Chief
Marketing Officer to work closely with our product and
sales teams to deliver the most compelling products and
services."
Barbara Stymiest, who formerly served as a member of Royal
Bank of Canada's Group Executive and has been a member of
RIM's Board since 2007, has been named the independent
Board Chair. John Richardson, formerly Lead Director, will
remain on the Board.Prem Watsa, Chief Executive Officer of
Fairfax Financial Holdings, also was named to the Board,
expanding it to 11 members.
Speaking on behalf of the Board, Ms. Stymiest said:"We
believe that Thorsten is the right executive to succeed
Mike and Jim.He has 27 years of telecommunications
experience, including four years at RIM in senior
management positions.As a Board, we have been impressed
with his outstanding management skills, his leadership and
his accomplishments within the company."
Ms. Stymiest also expressed the Board's respect and
admiration for Messrs. Lazaridis and Balsillie, the company
they built, and the steps they have taken to position RIM
for the future.
"They created RIM, nurtured it, and in the process not only
built an iconic brand, but literally pioneered the
smartphone industry," she said."It is Canada's largest tech
company and one of the largest in the world."
Conference Call and Webcast
A conference call and live webcast will be held beginning
at 8 am ET, January 23, 2012, which can be accessed by
dialing 1-800-814-4859 (North America), (+1)416-644-3414
(outside North America) or through your personal computer
or BlackBerry® PlayBook™ tablet at
www.rim.com/investors/events/index.shtml. A replay of the
conference call will also be available at approximately 10
am ET by dialing (+1)416-640-1917 and entering passcode
4509630#. A replay of the webcast will be available on your
personal computer or BlackBerry PlayBook tablet by clicking
the link above. This replay will be available until
midnight ET, February 6, 2012.
About Thorsten Heins
Thorsten Heins, 54, is a respected business leader with 27
years of broad experience and expertise in wireless
networks and consumer electronics devices. Mr. Heins has a
global reputation for his organizational and leadership
skills and his ability to build successful organizations
that deliver on their commitments. Prior to today's
announcement, Mr. Heins was one of RIM's two Chief
Operating Officers and, before that, Senior Vice President
for the Handheld Business Unit.He played key roles in the
creation of RIM's product portfolio. Mr. Heins came to RIM
in December 2007 from the industrial conglomerate Siemens
AG.He joined Siemens in 1984 after graduating from the
University of Hannover in his native Germany.At Siemens,
Mr. Heins rose through the ranks of R&D customer service,
sales and product management positions.After serving as
Chief Executive Officer of various business divisions in
the communication business, Mr. Heins moved to Chief
Technology Officer and member of the Group Board of the
Siemens Communications Group. He came to RIM after being
impressed by the level of innovation displayed by founders
Mike Lazaridis and Jim Balsillie. Mr. Heins is married with
a daughter and a son. Away from RIM, he is usually outdoors
bicycling, motorcycling, skiing or hiking.
About Barbara Stymiest
Barbara Stymiest has served as a director of RIM since
March 2007.She has an HBA from the Richard Ivey School of
Business, University of Western Ontario, and an FCA from
the Institute of Chartered Accountants of Ontario.Ms.
Stymiest joined Royal Bank of Canada in 2004, where she
served as a member of RBC's Group Executive, which is
responsible for the overall strategic direction of the
company.Prior to that, she held positions as Chief
Executive Officer at TSX Group Inc., Executive
Vice-President and Chief Financial Officer at BMO Nesbitt
Burns and Partner of Ernst & Young LLP.Ms. Stymiest is
currently a Director of George Weston Limited, Toronto
Rehabilitation Institute, the Canadian Institute for
Advanced Research, the Royal Ontario Museum.
About Prem Watsa
Prem Watsa is the Chairman of the Board of Directors and
the Chief Executive Officer of Fairfax Financial Holdings
Limited, a financial services holding company whose
corporate objective is to achieve a high rate of return on
invested capital and build long-term shareholder value,
since 1985. He is also Vice President of Hamblin Watsa
Investment Counsel Ltd. since 1985. Mr. Watsa formerly
served as Vice President of GW Asset Management from 1983
to 1984 and in various positions, ultimately as a Vice
President, with Confederation Life Investment Counsel from
1974 to 1983.
About Research In Motion
Research In Motion (RIM), a global leader in wireless
innovation, revolutionized the mobile industry with the
introduction of the BlackBerry® solution in 1999. Today,
BlackBerry products and services are used by millions of
customers around the world to stay connected to the people
and content that matter most throughout their day. Founded
in 1984 and based in Waterloo, Ontario, RIM operates
offices in North America, Europe, Asia Pacific and Latin
America. RIM is listed on the NASDAQ Stock Market (NASDAQ:
RIMM) and the Toronto Stock Exchange (TSX: RIM). For more
information, visit www.RIM.com or www.BlackBerry.com.
This news release contains forward-looking statements
within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995 and Canadian securities laws,
including: statements relating to the new role of RIM's
Vice Chair and its new Innovation Committee; the
anticipated timing of the launches of BlackBerry PlayBook
OS 2.0 software and BlackBerry 10; Mr. Lazaridis' intention
to purchase additional RIM shares, as permitted, in the
open market; RIM's plans, strategies and expectations going
forward; RIM's intention to recruit a new Chief Marketing
Officer; and the anticipated benefits of the Company's
efforts.The terms and phrases "will", "continue",
"innovating", "look forward", "shipping", "expected",
"entering a new phase", "committed", "intend", "take the
company forward", "potential", "transformation", "build",
"expand", "going forward", "in the process" and similar
terms and phrases are intended to identify these
forward-looking statements.Forward-looking statements are
based on estimates and assumptions made by RIM in light of
its experience and its perception of historical trends,
current conditions and expected future developments, as
well as other factors that RIM believes are appropriate in
the circumstances, including but not limited to general
economic conditions, product pricing levels and competitive
intensity, supply constraints, new product introductions,
RIM's expectations regarding its business, strategy and
prospects, RIM's confidence in the cash flow generation of
its business, and applicable regulatory requirements and
RIM policies relating to purchases of RIM securities.Many
factors could cause RIM's actual results, performance or
achievements to differ materially from those expressed or
implied by the forward-looking statements, including,
without limitation: risks relating to RIM's intellectual
property rights; RIM's ability to enhance current products
and develop new products and services in a timely manner at
competitive prices; risks related to delays in new product
introductions, including the BlackBerry PlayBook OS 2.0
software and BlackBerry 10; risks related to intense
competition, including RIM's ability to compete in the
tablet market; RIM's ability to manage inventory and asset
risk, including its ability to manage BlackBerry PlayBook
tablet sell-through programs; risks relating to network
disruptions and other business interruptions, including
costs, potential liabilities, lost revenue and reputational
damage associated with service disruptions; RIM's ability
to realize the anticipated benefits of its cost
optimization program and Cost Optimization and Resource
Efficiency program; RIM's reliance on carrier partners,
third-party manufacturers, third-party network developers
and suppliers, including the suppliers RIM has selected for
its BlackBerry 10 smartphones; security risks and risks
related to the collection, storage, transmission, use and
disclosure of user and personal information; RIM's ability
to successfully maintain and enhance its brand; RIM's
reliance on key personnel; potential charges relating to
the impairment of goodwill or other intangible assets on
RIM's balance sheet; RIM's ability to expand and enhance
BlackBerry App World; risks related to third party
manufacturers and RIM's ability to manage its production
processes; risks related to RIM's international operations;
risks related to encryption technology; potential defects
in RIM's products; RIM's ability to manage growth; and
difficulties in forecasting RIM's financial results,
particularly over longer periods given the rapid
technological changes, evolving industry standards, intense
competition and short product life cycles that characterize
the wireless communications industry.These risk factors and
others relating to RIM are discussed in greater detail in
the "Risk Factors" section of RIM's Annual Information
Form, which is included in its Annual Report on Form 40-F
and the "Cautionary Note Regarding Forward-Looking
Statements" section of RIM's MD&A (copies of which filings
may be obtained at www.sedar.com or www.sec.gov).These
factors should be considered carefully, and readers should
not place undue reliance on RIM's forward-looking
statements.RIM has no intention and undertakes no
obligation to update or revise any forward-looking
statements, whether as a result of new information, future
events or otherwise, except as required by law.
The BlackBerry and RIM families of related marks, images
and symbols are the exclusive properties and trademarks of
Research In Motion Limited. RIM, Research In Motion and
BlackBerry are registered with the U.S. Patent and
Trademark Office and may be pending or registered in other
countries. All other brands, product names, company names,
trademarks and service marks are the properties of their
respective owners. RIM assumes no obligations or liability
and makes no representation, warranty, endorsement or
guarantee in relation to any aspect of any third party
products or services.
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