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RIM shareholders don't go far enough

SAN FRANCISCO (MarketWatch) -- The shareholders at Research In Motion Ltd. placed some blame for the company's woes on its long-time board members but they didn't go far enough, amazingly re-electing every director to the board.

While some shareholders voiced dismay during the meeting, the final votes resulted in a pathetic endorsement of Research In Motion's (RIMM) current board of directors, which has overseen a disastrous loss in both market share and market value over the last couple of years. This year alone, RIM shares have lost half of their value since January. Read "RIM defends turnaround plan to shareholders."

The most stunning news was that co-founder and former co-CEO Mike Lazaridis was re-elected to the board, even after his co-leadership placed the company in such peril.

Last month, RIM, under its new CEO Thorsten Heins, said that its new BlackBerry 10 software would be delayed until early 2013, missing the key fourth quarter. The highest percentage of withheld votes went to John Richardson, the longest serving board member apart from Lazaridis.

RIM leaders hinted that there would be some shake-up on the board, with Heins saying he took the votes seriously, and RIM Chairman Barbara Stymiest told investors that the company was looking to "augment the board."

Still, this company has consistently responded too little, too late, and that pattern continues.

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