Home » Technology

Research In Motion Ltd (BBRY) Co-Founder Retires, Won’t Sell Shares

Updated on

Despite stepping down from the board to focus on a new quantum computing investment fund, Quantum Valley Investments, Mike Lazaridis claims to have no plans to sell his stake in Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB). No answer was given on whether or not he wished he had years ago when the company enjoyed a standing in the industry they revolutionized, yet may never regain.

Research In Motion Ltd (BBRY) Co-Founder Retires, Won't Sell Shares

Lazaridis, founded the company formerly known as Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB) almost 30 years ago, with Jim Balsillie as its early CEO and announced today, following the release of Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB)’s earnings report, that he would be stepping down as Vice-Chairman of the Board effective May 1st, 2013.

In an interview with the Wall Street Journal, Mr. Lazaridis said he had no plans to sell down his considerable holdings, which amounts to about 5.7% of shares outstanding, making him one of the company’s biggest shareholders.

“I remain one of the largest shareholders,” Mr. Lazaridis. When asked specifically if he planned to sell any of his shares, he replied: “No plans.”

The Wall Street Journal did not press or question whether this was a decision based on obstinate behavior that has defined him, hopes that a takeover might be in the company’s future, or whether it had anything to do with today’s surprise earnings report that showed Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB) earning an unexpected profit for the most recently reported quarter ending March 2.

The Turkish born Lazaridus, in addition to his $100 fund focusing on quantum computing, will have plenty to do in his adopted home after leaving Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB)’s board. He ounded the Quantum-Nano Centre in Waterloo, Ontario in 2012 as well as the Institute for Quantum Computing at the University of Waterloo in 2002. Established the Perimeter Institute for Theoretical Physics in 2000. Has spent $270 million in the community, including $170 million on Perimeter.

Leave a Comment