RIM’s stock tumbles by 8% following announcement of new CEO

Posted on Jan 23 2012 - 7:00pm by Mike Wewerka
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Following up on the news from this morning about RIM’s new CEO, at the time of writing the original post, the stock price had fallen by 1%. I said we would reserve judgement until the end of the day when the market closes, to get them the benefit of the doubt.

Sadly, things look worse for the Waterloo company as the stock value has dropped 8% since this morning, leaving their shares valued at $15.56. The news this morning that Mike Lazaridis and Jim Balsillie had stepped down brought relief to many (us included). But when people began to research the replacement, former Siemens AG tech executive, Thorsten Heins, the confidence level began to falter.

Heins, who made a video announcement this morning, didn’t exactly instill the level of “new blood” many were hoping to see. Instead, Heins said that he doesn’t feel “that much” change is needed. That he is going to continue the same path as his predecessors, but is going to look for a new head of marketing. He still believes that BB10 will “knock the socks” off people. Sadly, we just don’t see that happening, especially considering they can’t even get their own BES software to work on it.

I think at this point, it is clear that people [stockholders] were expecting a more drastic change, someone who has leadership skills, someone with their own unique vision and someone who was from outside the company who hasn’t been tainted by the previous round of poor leadership. Sadly, Heins is planning to follow in the footsteps of the two gentlemen who put RIM in this horrible predicament to begin with, who also happen to be the same two men who suggested him for the position upon stepping down, Lazaridis and Balsillie.

This is only going to get more interesting as the weeks go on, I for one can’t wait to watch the train wreck that RIM has become.