Fox Business
Expand
Browse All Video
Watch Live

You're watching...

CEO ousted at Research in Motion

Details

  • Description

    What caused the chief operating officer to take the reins?

  • Duration 4:06
  • Date

Clips

Also in this playlist...

Telecom

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

One of the big stories this morning with rim of course big ticket but the -- the -- CEOs have been running the company for twenty years and now they're stepping down for relative.

-- -- -- -- Well the kind of belated acknowledgment that obviously this is at this point anyway Blackberry is the loser in this whole game.

You know I wouldn't want to make -- any kind of a prediction but in the same week that Eastman Kodak.

Filed for Chapter Eleven bankruptcy kind of shows you can happen in the technology consumer products world when you're on the wrong side of -- trend and that clearly to me is the acknowledgment here.

-- although I'm talking to a lot of people who actually see some kind of value.

In the stock of -- just because you know they actually have this network is such huge install base can rationalize the product line.

But I do think personal cumbersome structure co CEOs and now.

You basically just need some new blood and I think that's what the market's -- say.

-- didn't seem -- And the -- of -- stepping down is really a huge surprise number the company itself between the email blackouts in the shares down near 70% that's right.

It's it's not a huge surprise that they're having indicated I think most people and it's a lot of people were expecting them to grab someone from the outside my big name to impress everybody went.

And instead they poll -- -- -- kind of out of nowhere and what feel the current even a fairly small -- comparatively speaking what do you think about the.

I think maybe it says something about the -- this of this change in other words there wasn't necessarily time to do a big surge.

For an external candidate we -- really wanna go and get that big name somebody with a pedigree in the technology business I don't know that it's.

Tremendously important I actually think the fact of a new person.

With a fresh set -- -- and basically you know listening tool.

Everybody internally and saying here's what we need to do to actually try to make something in this business that's what matters more than say going outside and getting -- -- name.

Now the other eye on course is with everything that's been going with the company failures have been huge amount of speculation of a takeover -- sale of some sort.

Now we know the original co founders were against that convinced may be -- NBA live to get somebody -- and it will be.

More friendly toward the idea selling.

Company in theory I think yes but I think in practice I think you have to have the business itself stabilized where you have somebody come and and really wanting to commit capital -- correction.

All right and so this should here's a little that Europe is the other huge focus now obviously.

Interesting timing you have Greece and its creditors saying that kind of had an impact that this right accredited saying they've made their last and final offer on -- credit spot.

And yet today European leaders are meeting to discuss -- -- spell out yet what what's your take on all of -- side from them.

The basic fact and I think everybody has some of fatigue at this point and therefore we we kind of always expect there to be another meeting yet another media I do think that what it really shows you is how.

This cumbersome.

Process that not the cumbersome structure of the Euro zone that has all these different agendas in one.

Meeting essentially.

Whereas you want to allow you -- -- call on a voluntary by the way discount to the face value of the debt so that the people who actually own the bonds of Greece.

Are not necessarily going to trigger what's called default you say it's a voluntary but it's showing itself to be a lot -- Ontario right.

And -- and they want to have basically and I understand why the the IMF and Germany wants to essentially set.

A long term course to -- this isn't going to be a serial issue for Greece in other words.

We're gonna set a rate on these bonds at -- low enough to keep at least service this over exactly and so I do think they will come to some kind of agreement.

I'm not sure it's enough.

Two to necessarily say that you know Greece is securely in -- eurozone forever I think a lot of people are basically handicapping that is being necessarily the case.

But I you know I think that at this point the markets taken in stride because.

What's happened is European Central Bank is -- and that crash risk that 2008 style Lehman Brothers.

Up crash risk I think off the table with this.

Three year kind of throwing money at the banks for a three year term so that's and meaning that every time one of these governments have to sell new debt if they do in the short.

Term basis they can do it.

Load More