RIM's Former Co-CEO, CTO, and COO Resign After Horrible Fourth Quarter Results

Following horrible fourth quarter results, RIM has announced the resignation of its former C0-CEO as a Board Director, the resignation of its CTO, and the resignation of its COO.

Today the company reported fourth quarter results for the three months and fiscal year ended March 3, 2012.

Highlights:
● $2.1 billion in cash, cash equivalents, short-term and long-term investments at the end of the quarter, which increased by approximately $610 million in the quarter
● Cash flow from operations of approximately $1.1 billion, up from approximately $900 million in Q3
● Revenue of $4.2 billion, down 19% from the third quarter
● GAAP net loss in Q4 of $125 million or $0.24 per share diluted; adjusted net income of $418 million or $0.80 per share diluted
● BlackBerry smartphone shipments of 11.1 million in Q4, down 21% from Q3
● RIM to discontinue providing specific quantitative guidance
● RIM provides update on organizational changes


In addition the company announced that Jim Balsillie, former Co-CEO of the Company, has resigned as a Director on the Company's Board.

"As I complete my retirement from RIM, I'm grateful for this remarkable experience and for the opportunity to have worked with outstanding professionals who helped turn a Canadian idea into a global success," said Jim Balsillie.

Also, RIM announced that David Yach will be retiring from his role as CTO, Software, after 13 years with the company and Jim Rowan, COO, Global Operations, has decided to pursue other interests after 4 years with the company.

RIM is now searching to for a new COO with responsibilities to run the company's operations.


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