The hammer dropped yesterday when the Ontario Securities Commission ordered RIM Co-CEO’s Mike Lazaridis and Jim Balsillie, plus former CFO Dennis Kavelman to pay a whopping $77 million to settle stock option backdating since 1996.
The OSC said this is a “fundamental failure” of corporate governance. In addition, Jim Balsillie will step down from the board of directors position. National Post Reporter David George-Cosh captured audio of Balsillie after the official announcement. Click here to listen
MobileSyrup may earn a commission from purchases made via our links, which helps fund the journalism we provide free on our website. These links do not influence our editorial content. Support us here.
