RIM Co-CEOs Jim Balsillie and Mike Lazaridis reduce their salaries to $1 per year
Early on in the Third Quarter 2012 Earnings Call today, Jim Balsillie took the reins as we anxiously awaited news on the results. He prefaced the third quarter results by stating that both he and Mike Lazaridis will be lowering their salaries to just $1 per year. Woah. I guess this means they won't be stepping down anytime soon. A pretty amazing move by the CEOs here, but we'll have to see how it pans out long term and if it will hold any benefit to the financial situation. Balsillie and Lazaridis have already lost their billionaire status and the shareholders are still looking to split the CEO and chairman roles.