RIM’s shares – once buoyant on rumors the company was in takeover talks with Samsung – continued to slide during the Monday trading day even after the company announced it had deposed of co-CEOs Jim Balsillie and Mike Lazaridis late Sunday.
Investors signaled that they were underwhelmed by the shakeup, pushing RIM’s shares listed on the Frankfurt stock exchange to 12.22 euros, a decline of nearly 8%. On the Toronto Stock Exchange, RIM shares were down by 7.25%, to $15.98 a share by midafternoon trading.
In initial interviews with the press, Thorsten Heins, RIM’s new CEO, said that he had to plans to take the company through any significant or radical changes. The exception to this claim is that Mr. Heins has said he is open to licensing RIM’s new QNX operating system to other smartphone or tablet manufacturers.
Northern Securities analyst Sameet Kanade told CBC News that the move was “a nice first step,” but said it’s not the ultimate solution for RIM’s problems.
“Mr. Heins is perhaps the best solution for now, but let’s see what he can deliver this year,” Mr. Kanade said.
Tim Long of BMO Nesbitt Burns echoed Mr. Kanade’s cautious optimism.
“Heins has already stated plans to stay with RIM’s current strategy. We believe this supports our view that RIM is not likely to be acquired,” Mr. Long told the Globe and Mail. “We believe a management change is long overdue at RIM. However, we would have liked to see some talent infused from outside the company. One immediate task is to find a CMO, which we think is a very important hire given how the brand has deteriorated in North America.”
While rumors still circulate amongst investors and the press that RIM is still actively seeking a suitor for a takeover, Mr. Heins was adamant that this was not the case.
“That’s clearly not the mandate,” Mr. Heins said when asked by CBC News’ Heather Hiscox.