Blackberry CEOs to step down

The co-chief executives of Blackberry-maker Research In Motion (RIM) have stepped down as part of a shake-up at the firm.

Mike Lazaridis, who founded RIM in 1984, will become vice chairman, while Jim Balsillie will continue as a director but will not have any operational role.

There had been pressure on both from investors to go as the firm, which had dominated the smartphone market, continued to lose market share to both the iPhone and iPad, as well as various android devices.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

They are replaced by chief operating officer Thorsten Heins, who came to RIM in December 2007 from the industrial conglomerate Siemens AG.

"There comes a time in the growth of every successful company when the founders recognize the need to pass the baton to new leadership," said Lazaridis.

"Jim [Balsillie] 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," he added.