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RIM shareholder Vic Alboini, Jaguar Financial Corp. chairman and CEO, weighs in on the management shakeup at RIM, and why he believes the company need...
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Percent.
We'll Research in Motion shareholder is finally getting what they want the company's -- CEOs have finally stepped down that shares of the Blackberry maker getting hit hard after -- in new CEO.
-- -- who is just on this network on this program saying.
That no drastic change is needed to act to the company joining me now on -- Bellini -- jaguar financial chairman and CEO and -- shareholder activist debt and -- I'm so happy that you are on.
Immediately after Torsten it was on because I know you've been scary vocal about the changes that he -- happened at this company.
What do you make of this are you satisfied that that than it was satisfied with the news and -- just come out today.
We'll certainly give the board credit for a sweeping aside the co CEOs that's quite important also give the board credit for the appointment of an independent chair however.
That's about the extent of the positive news with the exception of prime Watson joining the board which is also positive the rest of it unfortunately is very negative I mean you have the two co CEOs remain on the board.
You have a new CEO sitting elbow to elbow with the former two co CEOs -- the border and how could you.
Generates -- positive creative thinking fresh ideas at that that's a recipe for disaster that's way over the top secondly.
You've got -- chairperson by the name of harvest time that's good career at the TSX.
Mixed results RBC.
Strong corporate governance background she accepted directorship in 2007.
When she knew there was no independent chair.
And we don't know whether or not she's been vocal inside try to cause changes she has been she should.
Have resigned from the Rand board if she hasn't been she shouldn't take this chairperson job and we don't think she's strong enough to cause a dramatic change this necessary especially.
With changing the composition of the war we need a US based tech heavy -- we need -- -- internationally focused consumer marketing star.
What we didn't know we we did not get add that we got that -- Hynes.
I know that you're listing to the interview -- that we had just moments ago.
He said that what he's focused on -- lot less execution.
Of his products that there is no need to shake things up and and I think that's.
At -- rather serious given the fact that the stock -- prices down more than 70% and market share continues our road for this company so.
What would you suggest -- hand he needs to shake up short I've re distributing and.
Re doing the board.
Sounds like a very reasonable person but likely handpicked.
Successor invited to co CEOs -- -- go to the board and get it quickly approved.
I mean there was no search for a transformational leader clearly.
Torsten Heinz is not a transformational leader he's a stay the course.
So if you want to lose confidence in the market say you're staying the course which he did the market price drops if you want to lose confidence of that.
The potential for a sale say that the company is not up for sale we're not gonna split it in two -- three parts.
Take go take out of the marketplace takeover bid premium what she's done.
So the market is voting with its feet it's all down.
And unfortunately.
It probably is a very good background as an operations person he was the CTO that Siemens we have to give them credit for his history and his background.
But unfortunately.
What -- needs is a look at all the strategic options and in addition to change in composition of the board what -- asked do along with Torsten is essentially say.
Okay what are our strategic options this is not the time to close the door.
On any options whether it's -- sale -- breakup of the company you know an internal and internal look at what is our core competency we've been saying for quite awhile.
Get out of the consumer marketplace you've lost that battle to android platforms and also apple.
And focus on what you do best and what you do best is in the enterprise space and also open up that proprietary -- on -- you have can't.
Net and network operating center that is the most invaluable tool that you have that is worth more than the market price on its own right now -- very disappointing comments coming out of the New Zealand unfortunate -- it really means that.
There's -- no and it's been a transitional change today.
I know you got to go I'd like tax you very quickly what are the next steps for you how long are you going to give -- not with this company before you make another move.
Well you know there really is a window of opportunity even though we say to Barbara we don't think -- strong enough to make change prove us wrong.
Prove us wrong over the next three or four months immediately prior to the annual general meeting I think at that meeting.
There should be a board shake up and who knows if -- -- we'll just have to stay the course on our own.
In seen whether or not they take advantage of this window of opportunity and.
Torsten Heinz has to step out and talk about some of those options he can't just AM you know -- gonna close the door and you know it's.
Business as usual.
Ancestors walking with their feet as they have done so this is so far over the last year -- Al Bellini jaguar financial thank you very much for being with us today.
Thanks for having me.
