RIM Execs Keep Bailing
The exec exodus at Research In Motion (NAS: RIMM) continues.
The latest two to bail are Alan Brenner, senior VP for the BlackBerry platform, and Alistair Mitchell, VP for BlackBerry Messenger. The list of higher-ups who have recently called it quits keeps growing, the most noteworthy being ex-co-CEO and ex-co-Chairman Jim Balsillie, who co-founded RIM, after the company reported earnings last month.
Here's a taste of some of the names that have abandoned ship recently.
|Keith Pardy||Chief marketing officer||March 2011|
|Brian Wallace||VP of digital marketing and media||June 2011|
|Don Morrison||Chief operating officer||July 2011 (retired)|
|Ryan Bidan||Senior product manager, BlackBerry PlayBook||July 2011|
|Mike Kirkup||Senior director of global developer relations||August 2011|
|Tyler Lessard||VP for global alliances and developer relations||September 2011|
|Jim Balsillie||Director, co-CEO, and co-chairman||March 2012|
|David Yach||Chief technical officer of software||March 2012|
|Jim Rowan||Chief operating officer of global operations||March 2012|
|Alan Brenner||Senior VP of BlackBerry platform||April 2012|
|Alistair Mitchell||VP of BlackBerry Messenger||April 2012|
That list contains an awful lot of "chiefs," "VPs," and "seniors" whonare moving on to bigger and better things. There was also a report back in October that execs were politely declining to buy RIM shares on the open market. Not exactly confidence-inspiring, is it?
The consumerization of IT continues to wreak havoc on RIM, as many enterprises now let employees pick their own devices. Instead of opting for BlackBerrys, workers increasingly want either a Google (NAS: GOOG) Android device or an Apple (NAS: AAPL) iPhone. Those two platforms combined now comprise almost three-quarters of all smartphones sold in the world.
Not even RIM's top brass has faith in the company anymore, so why should investors?
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At the time this article was published Fool contributor Evan Niu owns shares of Apple, but he holds no other position in any company mentioned. Check out his holdings and a short bio. The Motley Fool owns shares of Google and Apple. Motley Fool newsletter services have recommended buying shares of Apple and Google and creating a bull call spread position in Apple. The Motley Fool has a disclosure policy. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.
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