BlackBerry's third largest shareholder cuts ties with firm

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Jim Balsillie, former co-CEO of BlackBerry and until today the company reports third largest shareholder, has sold its entire Canadian company. Bloomberg reports that Balsillie has waived its 5.1 percent stake in BlackBerry, leaving him with no ties to the firm that used to run. Balsillie, in collaboration with the co-founder and CEO Mike Lazaridis, grew what was until recently called Research in Motion in the largest technology company in Canada, but the couple retired last year with Thorsten Heins taking the reins. There has been no official word on the reasoning behind the decision to Balsillie, but has led some to speculate that he no longer feels confident in the business and his plans to revive its market dominance. Of course that would go against the company BlackBerry remains positive that its new operating system BlackBerry 10 will drive a revival, but this news may cause concern among investors. We approached BlackBerry for comment, but a spokesman said “we do not comment on holdings of individual shareholders.”

from Financial Post.

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