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RIM Co-Founder Drops His Stock
drdread66 writes "Reuters reports today that Research In Motion co-founder Jim Balsillie dumped his entire stake in BlackBerry at the end of 2012. While it's common to see high-level executives sell some of their shares to gain some liquidity, it's unusual to see them exit their positions completely. This has to be seen as a massive vote of 'no confidence' from someone who was on the inside long enough to know what's going on in the company."
Perhaps this is a good thing. The whole co-CEO business may look good, but there's a reason there aren't more co-leadership (or triumvirate) roles in leading companies (even GOOG ditched the triumvirate idea and shifted to a front-man+visionary model). This isn't a buddy cop movie where everything is scripted. CEOs of organizations in heavily competing markets actually do things.
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As a resident of Waterloo Ontario, I think Jim burned a lot of cash in philanthropy at the University of Waterloo. He might actually need the cash.
He's no longer with the company. He was part of the train wreck co-CEO management that refused to change. I see this nothing but good that he has nothing to do with the company now.
Of course the media wants to tear down a non Apple company. They are well on their way.
"A plan fiendishly clever in its intricacies"- Homer Simpson
When one of the founders bails you know the ship is sinking.
That's what he hopes people will think.
a) Everybody dumps their shares, share price plummets
b) He buys back his shares, dirt cheap.
c) RIM makes Apple-killing product announcement
d) Profit!!
No sig today...