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RIM’s Newest Board Member Says Turnaround Could Take 3-5 Years

by Todd Haselton | April 26, 2012April 26, 2012 2:00 pm PDT

RIM Financial Report

RIM’s newest board member Prem Watsa, also the company’s third largest investor, says the firm could take 3-5 years to turn itself around. Ouch.

During the company Q4 earnings call, RIM CEO Thorsten Heins said that his company could do a 180 by partaking in licensing agreements, a joint venture or possibly a partial sale, but he also said he can’t “guarantee success.” Despite Heins’s comments, Watsa’s statement suggests that RIM did not hire a bank and a law firm in order to prepare for a sale, however. So maybe RIM does have a game plan.

We’re already expecting RIM’s first BB10 smartphone to launch sometime this year, possibly in October, but that’s going to have tough competition with Microsoft’s Windows Phone 8 platform, a new version of iOS, a new iPhone, and Android 5.0 Jelly Bean. RIM could face certain doom if it doesn’t manage to blow the mobile industry’s socks off with its newest operating system, in which case we’re not even sure how it will be possible for the company to turn itself around.

Watsa’s either out of his wits or he knows something we don’t know; the billionaire has reportedly increased his stake in the company from 2% to more than 5%, since he joined the firm in January, the AP said.

[via AP]


Todd Haselton

Todd Haselton has been writing professionally since 2006 during his undergraduate days at Lehigh University. He started out as an intern with...

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