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RIM Given Six Months by Share Holders To Explain Joint CEO-Chairman Role

Research in Motion has been given six months to prove the need for its two CEOs also acting as the company’s chairmen.

According to an article on Bloomberg, RIM investor Northwest & Ethical Investments had proposed to differentiate the roles of chairman and CEO.

The proposal was to be voted during the company’s annual shareholder meeting but the investor chose to withdraw as RIM claimed that the position of co-chairmen held by CEO’s Jim Balsillie and Mike Lazaridis allows them to bring business for the company, specially from overseas.

Research in Motion, which has seen its Smartphone market share being eaten away by Apple and Google, agreed to form a committee to study the company’s management and the importance of the role of the chairman.

“We wanted to give them a chance to prove that there is an actual business necessity,” Jennifer Coulson, manager of corporate engagement at Northwest & Ethical said during the shareholder meeting.

RIM, which owns a 24.7 percent of the US Smartphone market, is planning to release 7 new BlackBerry Smartphones this year and a new 4G version of its PlayBook tablet device.