But Balsillie will remain co-CEO and director
A $250-million US accounting error has resulted in the resignation of Research In Motion's chairman.
Jim Balsillie, who is also the company's co-CEO, announced he would resign as chairman after a review found the company had reported more than $250 million US in stock option accounting errors.
Balsillie will retain his roles as co-CEO and director of the Waterloo, Ont.-based maker of the BlackBerry.
RIM has accepted an offer from Balsillie and his co-CEO Michael Lazaridis to pay the company up to $5 million each to help offset the costs related to the accounting errors.
The review found no deliberate wrongdoing, but RIM managers remain subject to a cease-trade order while Canadian and U.S. regulators re-examine its financial reports.
The company also announced that it is reorganizing its board of directors and replacing the chief financial officer, Dennis Kavelman, who will become the chief operating officer for administration and operations.
RIM said it will have to restate its annual financial statements for the years 2004, 2005 and 2006 and for the first quarter of 2007.
Jim Balsillie, who is also the company's co-CEO, announced he would resign as chairman after a review found the company had reported more than $250 million US in stock option accounting errors.
Balsillie will retain his roles as co-CEO and director of the Waterloo, Ont.-based maker of the BlackBerry.
RIM has accepted an offer from Balsillie and his co-CEO Michael Lazaridis to pay the company up to $5 million each to help offset the costs related to the accounting errors.
The review found no deliberate wrongdoing, but RIM managers remain subject to a cease-trade order while Canadian and U.S. regulators re-examine its financial reports.
The company also announced that it is reorganizing its board of directors and replacing the chief financial officer, Dennis Kavelman, who will become the chief operating officer for administration and operations.
RIM said it will have to restate its annual financial statements for the years 2004, 2005 and 2006 and for the first quarter of 2007.
