Research In Motion co-CEOs Jim Balsillie (left) and Mike Lazaridis talk to media after an Ontario Securities Commission hearing in Toronto, Thursday, Feb. 5, 2009. The former co-CEOs of BlackBerry-maker Research In Motion (TSX:RIM) will receive a combined $12 million in payouts for leaving their roles at the struggling company. THE CANADIAN PRESS/Nathan Denette
June 14, 2012 - 11:23 AM
TORONTO - The former co-CEOs of BlackBerry-maker Research In Motion (TSX:RIM) will receive a combined $12 million in payouts for leaving their roles at the struggling company.
In a document filed with securities regulators ahead of the company's annual meeting, RIM outlined the details of what each former executive receives.
Jim Balsillie will be paid nearly $8 million in salary and other compensation after completely exiting his role at the company in January.
Mike Lazaridis, who remains a member of the board, will be paid about $4 million in salary and compensation under the condition that he will "continue to make himself reasonably available" to help the company in the future.
The deal also give Lazaridis his own office, executive assistant, as well as a car and driver for two years, at a combined value of about $733,000.
RIM says in the filings that Balsillie and Lazaridis "revolutionized the worldwide wireless industry with the BlackBerry," though the company has seen its stock plummet and its financial results significantly weaken.
News from © The Canadian Press, 2012