Troubled BlackBerry maker Research In Motion faced shareholders at its annual meeting today, where it voted to keep its existing board of directors. But the company also confirmed that it's using a professional search firm to help it find more-qualified board members.
(Credit: CNET)
RIM Chairwoman Barbara Stymiest answered a question from RIM shareholder Vic Alboini, CEO of Jaguar Financial, asking whether RIM has hired a search firm to help it find better-qualified board members. Stymiest confirmed that the company is conducting a search.
RIM shareholders approved the 10 members of the board who were currently standing for re-election. But shareholders "withheld" more than 20 percent of the votes on 5 out of 10 directors.
Alboini noted during the meeting that the withheld votes indicated shareholders are not satisfied with the current board.
"Clearly, this is not an overwhelming approval for each of the directors," he said.
Indeed, another shareholder commented during the question and answer period that he was "extremely irritated" with the long-term shareholders on the board that allowed the company to fall into the trouble in which it finds itself now.
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