RIM names new CEO

Last night RIM announced that Thorsten Heins would be appointed to the CEO position. Previous CEO's were Mike Lazaridis and Jim Balsille. Mike Lazaridis will become Vice Chairman of RIM's board, while Jim Balsille will also remain a director of the board.

Mike Lazaridis has stated that he plans to buy $50 million dollars worth in RIM shares and says he has confidence in RIM's new leadership.

Hopefully Heins is able to restore some investor confidence to get RIM back on track. While RIM still holds a large amount  of market share in Canada, the rise of Andriod and the continued success of iOS is eating away at RIM's precious market share. RIM is currently trading at $15.67 on the TSX. Its shares were selling for over $60 a year ago and the stock is currently trading below book value.

Take a look at RIM's press release here http://press.rim.com/release.jsp?id=5358.