BlackBerry Appoints New CEO in a Bid to Revive Fortunes

    Research In Motion (RIM), maker of BlackBerry smart-phones, has named Thorsten Heins as its new chief executive officer, succeeding co-CEOs Mike Lazaridis and Jim Balsillie. Lazaridis, who founded RIM in 1984, will become vice chairman, while Balsillie will continue to sit on the board, without any operational role. Thorsten Heins, who joined RIM four years ago from Siemens AG, was one of RIM’s two chief operating officers before his promotion to CEO.  Director Barbara Stymiest will take over as chairman

    Waterloo, Ontario-based RIM has been hit hard by customer defections to APPLE’S (AAPL) iPhone and iPad, and handsets that use Google’s (GOOG) Android software. Once the most valuable company in Canada, RIM’s stock tumbled 75 percent last year amid a slump in sales. Problems were compounded for the company when it suffered its worst service outage in October, 2011, affecting customers globally. The PlayBook tablet, which analysts expected, would be the answer to Apple’s iPad, has not proven as popular as RIM had hoped. The company’s third-quarter results, announced in December, projected a miserable outlook for the fourth quarter. RIM’s share of the global smartphone market sank to 11 percent in the third quarter from 15 percent a year earlier, according to research firm Gartner Inc. The company has been the subject of recent take-over rumors by companies such as Microsoft (MSFT), Nokia (NOK) and (AMZN)

    Lazaridis, speaking after the announcement said, “There comes a time in the growth of every successful company when the founders recognize the need to pass the baton to new leadership. Jim and I went to the board and told them that we thought that time was now. “

    How Warren Buffett Uses Discount Rates To Value Stocks

    Berkshire Hathaway Warren BuffettWarren Buffett has never detailed the process he uses to value the businesses he acquires for Berkshire Hathaway. However, over the years, he has provided some limited insight into his methods. Q3 2020 hedge fund letters, conferences and more Based on these comments, it is widely assumed that Buffett uses a discount cash flow model Read More