Balsillie's Stock Option Blunder Costs Company Millions

Date: March 10, 2007

Jim Balsillie was forced to give up his title as chairman after taking blame for a stock-option scam that cost RIM over $250 million in restated earnings. Dude tried initiating some damage control by informing the press on the financial crisis: "I think it's also important to understand that 90 percent of this is a noncash charge." Balsillie stood on board as co-CEO and agreed to drop $5 million of his own money to rectify the matter.