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Wednesday, 13 July 2011 - RIM deflects criticism at annual meeting |
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    Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read Obama warns on debt, deal elusive after talks | 1:17am EDT California woman accused of slicing off husband's penis 12 Jul 2011 Amazon seeks ballot measure to undo California tax 12 Jul 2011 Singer Jewel gives birth to a boy | 12 Jul 2011 Democrats win early victory in Wisconsin recall primary 12:54am EDT Discussed 115 Obama, lawmakers meet for 75 minutes on debt impasse 96 WRAPUP 1-Taxes still a stumbling block in U.S. debt talks 93 Obama and lawmakers regroup to seek debt deal Watched A Tokyo-Paris flight in under three hours on the horizon Fri, Jun 24 2011 Hefner's revenge; Ryan Reynolds stops traffic Fri, Jun 17 2011 Schwarzenegger to start film, Jewel has baby 8:39am EDT RIM deflects criticism at annual meeting Tweet Share this Email Print Related News RIM could do better as two businesses: analyst Tue, Jul 12 2011 UPDATE 1-RIM could do better as two businesses - analyst Tue, Jul 12 2011 RIM annual meeting likely to exacerbate investor ire Mon, Jul 11 2011 Proxy firm unimpressed by RIM promise about board Thu, Jul 7 2011 RIM says adds 1 million EMEA subscribers in 3 weeks Thu, Jul 7 2011 Analysis & Opinion Tech wrap: Netflix jacks prices, adds DVD-only option Kodak scores a patent win but shares fall anyway Related Topics Technology » Hot Stocks » Asian Markets » Media » Steve Jobs » Research In Motion (RIM) Co-CEO Jim Balsillie (C) speaks with President and Co-CEO Mike Lazaridis (L) during the annual general meeting of shareholders in Waterloo July 12, 2011. Credit: Reuters/ Mike Cassese By Alastair Sharp WATERLOO, Ontario | Tue Jul 12, 2011 9:39pm EDT WATERLOO, Ontario (Reuters) - Research In Motion executives deflected criticism from investors who complained the BlackBerry maker has been mismanaged and marketed poorly as rivals Apple and Google steal its market share. While welcomed with applause by most of the roughly 700 people at its annual meeting on Tuesday, some shareholders lobbed tough questions about product delays, lack of shelf space for its PlayBook tablet and whether a limp share price made RIM a takeover target. "You're letting Apple and Android eat your lunch," one unhappy investor said, referring to the iPhone maker and Google's software, which a number of device makers use. "You're an innovator, but you're not good at selling what you make." Shareholders have had little to celebrate during a painful transition period for the company that once dominated the smartphone industry with its email-centric devices. RIM shares have wilted since a February peak, its profit fell last quarter and it warns of more pain ahead as it migrates its smartphones onto the QNX software that first appeared in the PlayBook. Co-Chief Executive Mike Lazaridis said the new Bold smartphone, one of seven updated models in RIM's product pipeline, could have been brought to market sooner but RIM returned it to its laboratories after realizing rival handset makers were engaging in a "arms race" in the United States. The decision "may have delayed us but we're going to come out ahead," Lazaridis said. RIM's share of the U.S. smartphone market dipped to 24.7 percent in the three months to May from almost 29 percent a quarter earlier, with Apple and Google's Android both garnering wider audiences, according to market analytics firm comScore. Lazaridis' performance impressed Jeffrey Stacey from Stacey Muirhead Capital Management, which holds 100,000 RIM shares after buying in the past year. He is "not showing any sense of desperation that they're coming unglued technically," Stacey said. "We didn't hear anything today that gave us any concerns at all about the plan RIM is working toward. The company has 67 million subscribers using its BlackBerry smartphones, co-Chief Executive Jim Balsillie said. RIM had more than 55 million subscribers by late November, the last time it reported the metric in its financial results. RIM charges mobile network operators a monthly fee per BlackBerry subscriber for access to its own infrastructure, which compresses and encrypts data before pushing it out to devices. Others were disappointed RIM didn't show off more of the devices it promises will get it back in the race. "It's show-me time, right? I hope they do a good job," said small shareholder Ileo Mbanianga from Family Tree Capital. "I'm disappointed nobody mentioned the co-CEO thing once." RIM avoided what would have been an embarrassing vote of confidence in its top brass when an activist shareholder withdrew a motion to force co-founder Lazaridis and Balsillie to relinquish their other shared role as board chairman. RIM has promised it will create a committee to study the issue and report back early next year. Its directors were returned to the board unopposed, with an initial count showing more than 90 percent support for each. (Editing by Richard Chang, Bernard Orr) Technology Hot Stocks Asian Markets Media Steve Jobs Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints   We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. Social Stream (What's this?) © Copyright 2011 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback   Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Super Lawyers Attorney Rating Service Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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