Mike Lazaridis buys $50 million more RIM shares

Mike Lazaridis buys $50 million more RIM shares
Saying that he has confidence that he and Jim Balsillie have left RIM "moving in the right direction," the former co-CEO of the Canadian based manufacturer said that he purchased $50 million more of RIM stock. At Friday's closing price of $16.80, that would work out to just under 3 million shares, which of course is just an estimate. Lazaridis is pouring more money into the company he founded in 1984 with high-school pal Doug Fregin in a tiny 500-square-foot office on the top floor of a strip mall. Today, RIM is a worldwide name with more than 17,000 employees.

In an interview with The Record, Lazaridis points out that RIM has a solid balance sheet with $1.5 billion in capital, 75 million users around the globe and is raking in more than $5 billion per quarter. The executive said about RIM, "This is a strong organization with a strong global brand, an iconic product and a strong future. I love the company. I love these employees. They are my extended family." With 27 years at RIM under his belt, Lazaridis remains vice-chairman of the board and chairman of the board's new Innovation Committee.

What does the old CEO say about the new one? Lazaridis has nothing but praise for Thorsten Heins, saying that he is sure that Heins will take RIM to new heights. As we recently reported, the new CEO has been doing things that Lazaridis and Balsillie failed to do during their time in the office such as testing competitor's models. Heins also has gone out of his way to speak to the BlackBerry community through interviews with BlackBerry centric sites like Crackberry. And while leaving a company that he helped found is difficult, Lazaridis pointed out that every company run by its founders reaches a certain point and then must have a change in leadership. "Founder-based companies, if they are successful, they get to this point," he said. With $50 million more of his money invested in the stock, Lazaridis adds to his position as a major stockholder of RIM and part of his fortune is still tied up with the company even if he isn't, after 27 years.

source: TheRecord via Crackberry



1. GeekMovement unregistered

he's got a really big face..

2. drahmad

Posts: 480; Member since: Aug 20, 2011

Lazaridis ! You have made one of the worst decisions of your life. Once a company starts declinng so fastly, it becomes so difficult for it to turn the tables.

3. akita256

Posts: 100; Member since: Jan 26, 2012

He's chairman of the Innovation Committee???? That's enough to make a dog laugh!! His problem the whole time he was co-CEO in the latter years was there was no innovation at RIM and not even a desire to know what the competition was producing. I can't believe they kept this Bozo on the board.

4. deepinsideyourmom

Posts: 10; Member since: Jan 28, 2012

Well said this fat shmuck couldn't innovate his way out of a wet paper bag, I love RIM, they just let the competition fly by them now it's almost too late to catch up hopefully the new ceo can resurrect this Company and get them back into the game, but it's not going to happen overnight this will be a long process. I blame Mike's Mom if I had gone over to her house and had a "talk with her" a long time ago(check the username) she wouldn't have let her son fail like that.

5. Droid_X_Doug

Posts: 5993; Member since: Dec 22, 2010

Just more proof of how out-of-touch with reality one of the co-Bozos was.

6. Striker

Posts: 92; Member since: Nov 06, 2011

This greek guy(Lazaridis) is one of the most retarded company bosses I have ever seen. Because of this fool, RIM slept through Iphone, Android and now they will do the same with WP boom. Remove this inadequate person now, if you want to exist!

7. remixfa

Posts: 14605; Member since: Dec 19, 2008

invest all you want, just get the hell off the board all together dude. having you there trying to sway the new CEO with all your "i started this company" bull crap is just going to retard growth even further. take your 50 million in shares you just bought and go home. geesh.

8. savien808

Posts: 59; Member since: Aug 27, 2011

I would love to advertise blackberries amongst the younger generation!

9. mozes316

Posts: 144; Member since: Sep 30, 2011

Good to see all of these CEOs of multi-million dollar companies all here writing comments and passing judgment. lol

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