RIM's co-CEO Balsillie stepping down from board as part of backdating settlement

Remember that settlement RIM reached with the Ontario Securities Commission yesterday? Well, details of the arrangement have emerged, and Reuters is reporting that in addition to over $90 million CAD being repaid, the company's co-CEO will be stepping down as part of the deal. Jim Balsillie will reportedly have to fork over $5 million CAD (~$4.1 million USD) and his position on the board for at least 12 months -- though we're not sure if he intends to return (or if he'll be welcomed back).

[Via BlackBerry Cool]

[(Unverified) Posted Feb 5th 2009 6:56PM]

Good, that guy was a PR nightmare for the company. He couldn't keep his mouth shut at all.

[(Unverified) Posted Feb 5th 2009 7:20PM]

When verizon releases the niagara, tell rim they could keep the bugs.

[Nerdherder Posted Feb 5th 2009 7:34PM]

See ya!