The Globe and Mail cornered local business leaders and tech luminaries at Laurier’s Outstanding Business Awards luncheon last Thursday, honouring RIM co-CEO Jim Balsillie. They were looking for a reaction the Ontario Securities Commission’s announcement that they would seek a record $100 million fine against RIM’s leadership for admitted stock option improprieties over a decade ago.
The reaction they got highlights the sort of stature that RIM has in this community.
No one in the Laurier crowd asked Mr. Balsillie any questions on the subject. After all, he was among friends. He and Mr. Lazaridis are local heroes for developing the BlackBerry in Waterloo, Ont., and for being generous philanthropists.
Elsewhere, Mr. Balsillie might be thought of cocky or aggressive, said Joan Fisk, CEO of the Greater Kitchener-Waterloo Chamber of Commerce. “But here, he is our boy,” she said. “In this crowd, Jim has tremendous credibility.”
This home-town jury of public opinion may be the easiest the RIM co-CEOs will ever face. The question is whether the reputations of company and its two builders can survive in a much tougher global arena of regulators, commentators and consumers.
I don’t personally know enough about securities regulations to talk much about the particulars of the case. Randall Howard, one of the people quoted in the piece, offers his own views on his blog.
Arrg, my mouse got jammed. What I was about to say, was that this is a terrific post. Very insightful and informative at the same time.