BlackBerry Boss Balsillie Bolts After $250M Accounting Error
First, he took off on the Pittsburgh Penguins. Now, it appears as though the very public co-CEO of Research in Motion, makers of the BlackBerry mobile device, has vacated his position as chairman of the company. Jim Balsillie is giving up his post in the wake of massive accounting errors amounting to some $250 million USD, with the Chief Executive Officer taking much of the blame for the disgrace.
Balsillie's movement out is just one of a few changes being made by the Waterloo, Ontario-based company's board. Chief financial officer Dennis Kavelman will be shifted to chief operating officer, in charge of various administrative duties. Although the flurry of activity is in response to the accounting slip-up, a recent review of the situation revealed that there was no intent behind the error and thus, no employee or executive will be terminated.
RIM's co-CEO last made big news after suddenly pulling out of an ownership bid for the struggling Pittsburgh Penguins, leaving partial owner and former Pen star Mario Lemieux fuming. Most speculate Balsillie's change of heart was the result of the National Hockey League's assertion that the Penguins should not be moved from
Balsillie has blamed the massive popularity of the BlackBerry phone and RIM's subsequent growth as reasons for the $250 million accounting botch. No word yet on how any of this news will affect the future growth of the BlackBerry, including the recently leaked 8300 Daytona.