Documents filed today reveal that Research In Motion will pay a combined US$12 million to Mike Lazaridis and Jim Balsillie, the company’s former co-CEOs and co-chairmen, who stepped down in January.
Lazaridis received US$3.9-million in compensation. Still servicng as vice-chair of the board, he also still has access to a dedicated office and a company car with driver.
Balsillie, now an ordinary director, received compensation of about US$7.9-million.
The payouts are part of transition agreements with the two executives who, according to the document “revolutionized the worldwide wireless industry with the introduction of the BlackBerry and forever changed how the world communicates.”
For his part, new CEO Thorsten Heins saw his compensation climb to about US$10.2-million for RIM’s fiscal year 2012. Should he be terminated “without cause or good reason,” he will be entitled to his total base salary and other forms of compensation for 24 months.
RIM’s stock has lost 75% of its value in the past year and now hovers around the $11 mark. Its 52-week high is about US$35, down significantly from its peak of almost US$150 only a few years back.
Read more: The Globe and Mail