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Balsillie and Lazaridis to receive nearly $12 million in parting gifts

Mike and Jim
By Adam Zeis on 14 Jun 2012 11:50 am EDT
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It's been been nearly 5 months since Mike Lazaridis and Jim Balsille stepped down as co-CEO's of Research In Motion, and a document filed Thursday by RIM has detailed their compenstation. Lazaridis, who will be staying on as vice-chair of the board and keeping his own dedicated office, will receive around $3.9 million in compensation. Balsillie, who originally stayed on the board of directors but has since left RIM completely, will receive approximately $7.9 million. Not too shabby on either count if you ask me, but then again what do I know, I get a lowly blogger's salary.

The total payouts to the former CEOs amounts to roughly $12 million in total, which isn't much less than new CEO Thorsten Heins is set to pull in for the 2012 fiscal year ($10.2 million). Heins basically got a $9 million raise from his $1.9 million salary in 2011 when he was promoted to CEO. Nice, right?

So ... what would you do with $12 million??

Source: Globe and Mail

Reader comments

Balsillie and Lazaridis to receive nearly $12 million in parting gifts

67 Comments

...don't let the door kick you in the _ _ _ on your way out!

What a waste of 12M. Yeah I should be grateful for bringing us the whole BB thing, but did they have to drive the company into the ground at the same time.

New ideas belong to and come from the young, that coming from a 60 year old.

RIM needed to be in the hands of the younger set a long time ago.

Really don't want to hear about these guys any more, thank you.

I would retire!!!

On a side note, I would have expected CrackBerry to report on the launch of Pacemaker as it's a major app to be launching *first* on PlayBook!

Nope, not important. ; )

I'm hoping they are pulling the whole "we weren't first but did it the best" sorta thing. I've seen posts on other BlackBerry sites.

Really? Let's see, if you invested $100 in May of '07; your investment is now worth $25.00.

I know the retort will be that these two individuals founded the company and brought it to prominence blah blah blah. I don't give a dam* of what they did in the past - its the present that matters; these two individuals due to their own arrogance, smugness, and sanctimonious attitude, have single-handedly all but destroy what was once a respected brand.

A job well-done indeed <---sarcasm.

I'd add that now so many ppl depend on BB. Say nothing of thousands of employees but regular and corporate customers as well.
Looks more like a ponzi scheme - grab the money and run.
If they understand their responsibility in the current events they should leave the company with just ONE penny, - they already earned as much as they could - remember backdating stock options "issues"?

Nobody deserves a $10 million dollar salary or million dollar send-offs. This company is in jeopardy and I wish somebody would take responsibility for that. I can certainly see why they're smiling. They are definitely getting the last laugh. I'm hoping for RIM to succeed, but with millions going out the door this way, it's kind of a sad comment on the state of affairs. Job Well Done? In the US, hardly anyone even talks about Blackberry anymore. I dread the idea of getting a different phone than a Blackberry in November when my contract is up, but it sure looks like a sinking ship down here.

For the smiling part - i think this is a file photo and noway tells their state of mind after getting the paycheck :)

I'd lock at least half of it in relatively safe investments. 12 Million isn't worth as much as it used to be, and I'd want to put most away to slowly use over the course of my lifetime.

Both of these guys deserve it. including Jim B. These guys were brilliant at what they done for the BlackBerry brand, no matter how bad the company of a situation this company is in at the present moment. Without these two brilliant minds we wouldn't have smartphones today or even mobile email.

Pffff, well I hope it makes the subordinates work harder, knowing that the boss gets a shitload of money....

What would I do with $ 12 mio... Well I would buy RIM and with the remaining $ 10 mio I would retire.

No wonder critics are cynical of executive compensation. Management thinks it deserves professional sports size salaries. Management looks after themselves first and foremost, and self-interest & self-aggrandizement has replaced shareholder interests.

RIMM's market cap is down over 12 Billion in one year.

http://ycharts.com/companies/RIMM/market_cap

So what's a few million amongst corporate cronies. To paraphrase Shakespeare, "Something is rotten in the state of Waterloo."

I'm sure the 6000 current employees about to get axed are pleased to hear this news.

Way to take the life boats while the ship you scuttled is sinking.

Yeah they will jumping for joy at this news. I can't wait to work for a company that will give me millions for driving it into the ground.

Was it not Jim and Mike's living in denial about RIM's then current situation the reason RIM is in the position that it is now?

I am not entirely sure how speculation of breaking the company up, selling off patents and basically cannibalizing the company equates to RIM being "fine".

As annoying as those "doom and gloom" comments are to you, the happy-go-lucky attitude is becoming just as tiresome to others. Some of us really want the company to succeed and prosper, but we cannot resort to closing our eyes and ignoring the reality of the situation. I am one of those people. I do not want RIM to go out of business. I love my phone because it does everything I need and want it to do. Amazingly.

However, RIM must survive and prosper on its own or it will die. There will be no changing of hands. If serious talks about selling the company come to fruition, RIM as we know it will be no more.

Established mobile solution companies would acquire RIM for its patents and technology and sell off whatever remains, or entities like the US military would purchase it for its tried and tested security.

Either way; I, along with ~75 million others, would be out of a BlackBerry. Or at least any future BlackBerry.

And just as a side note to how "fine" RIM is; Apple and Google's stock fluctuate by about half of RIM's total stock worth on a daily basis. You don't have to be a $125 billion company to have a place in the market, but stock prices generally reflect public interest.

That is the least they could do for a man that had the vision to bring real-time, secure coms to the world.
From his past record, I gather Mike will probably donate it to education.

I'm glad Throsten Heins is in place but Mike made BlackBerry a reality. Thorten gets the whole "camera matters" thing. He gets that it does not just have to be the most practical device but also packed with rich desirable features.

For those few saying they deserve it for what they did in building the company, they have already been compensated for that with the value of shares that they both own, this is simply an undeserved gift that the company can ill-afford to be paying at this time and at the very least they should defer it until next year.

They probably deserve that money since BlackBerry has come soo far!

But I would spend the money on BlackBerry EVERYTHING! I would buy every possible accessory and BB phone just to have them! And just switch off using all of them! And then I would invest in RIM so they could become even MORE successful 8)

Got the Proxy Vote information today. Voted for all the Board nominations except Lazaridis. I'm not fan of Golden Parachutes either. Voted against the Board compensation too.

Anyone else seeing an odd coincidence of a pitchfork in the picture. Almost like Grant Wood's American Gothic, except this is Canadian. The image makes a good footnote on their leaving.

If I was getting the 12 million, and had as much money as these guys already do, I would be giving the money to those 6000 workers RiM is going to cut over the next several months. Those workers in the trenches deserve it more than these two.

I would invest it into an investment savings account at Ing Direct.

This way, I would have enough for the long future, 33 years down the road from now.

That's just sad and pathetic !!!! BB is going down hill, people getting laid off and loosing their jobs and these guys are getting $12 million ??? That goes to tell you why Rim is in the position that it is !!

Whatever, $12 million is drop in the bucket for a company like RIM. I just hope they figure out a way to bring BlackBerry back to being a desirable brand. BB 10 looks great, I think the market has enough room for a third major player after Apple and Samsung. People have been giving these guys a hard time lately, not wholly unreasonable, but I think only time will tell if the problems RIM is having now is just temporary, which I certainly hope so.

That's a strategy of all the higher ups taking care of them self prior to a company hitting belly up, or they get bought out