Embattled BlackBerry maker Research in Motion has revealed that it gave its former co-chief executives a $12m payoff when it replaced them earlier this year.
The revelations were made in documents filed with the US Securities and Exchange Commission.
Jim Balsillie, who has left the company completely got around $8m, while founder Mike Lazaridis received a $4m settlement – on condition he carried on working for the firm.
“Lazaridis and Balsillie revolutionised the worldwide wireless industry with the introduction of the BlackBerry and forever changed how the world communicates,” the filing stated.
The filing also included details of the million-dollar pay outs agreed with departing chief operating officer James Rowan and David Yach, the former chief technology officer.
RIM has undergone a far-reaching boardroom cull under the leadership of new chief executive Thorsten Heins. The new SEC filings underline the costs associated with the shake up.
Heins took up the reins proclaiming that RIM needed only minor adjustments to revive its fortunes. More recently, he has instigated a dramatic volte face and warned that the company expects several quarters of disappointing results.
Heins has pinned his hope of a revival on its forthcoming BlackBerry 10 handsets, although the firm is also rumoured to be exploring a sale.
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