Jim Balsillie: Difference between revisions
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==Resignation== |
==Resignation== |
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On March 5, 2007, Jim Balsillie resigned his role as chairman of RIM as the firm reported over US$250 million in past stock option accounting errors after an extensive review. He retains his roles as co-chief executive and director. |
On March 5, 2007, Jim Balsillie resigned his role as chairman of RIM as the firm reported over US$250 million in past stock option accounting errors after an extensive review. He retains his roles as co-chief executive and director.[http://www.reuters.com/article/marketsNews/idUSN0524441220070305] |
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==Notes== |
==Notes== |
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Revision as of 12:46, 5 March 2007
James L. (Jim) Balsillie was born on February 3, 1961 in Peterborough, Ontario. He was Chartered Accountant, chairman and co-CEO of Research In Motion until he resigned his position on March 5, 2007. He received a Bachelor of Commerce degree from the University of Toronto, where he was admitted to the Zeta Psi fraternity. He earned an MBA from Harvard University in 1989.
Jim is also a noted athlete and passionate fitness advocate. He was Athlete of the Year at Trinity College, University of Toronto, plays hockey and golf at competitive levels, and coaches his son's soccer and basketball teams. He currently trains and competes in Men's Long Course Triathlons. [1]
Penguins Purchase
On October 5, 2006, Balsille made a bid to purchase the Pittsburgh Penguins, an NHL franchise, for US$175 million from former player Mario Lemieux and his partners.
At the Penguins' home opener that evening, Balsillie appeared in the TV booth with broadcasters Paul Steigerwald and Bob Errey during the second period. Upon hearing that Errey was from Peterborough, Balsillie's hometown, Balsillie responded with an expletive that went out over live TV[1].
The announcement came at a time that the Penguins were attempting to build a new arena. The team had reached a deal with casino operator Isle of Capri Casinos, where a new $290 million privately-funded facility would be built across the street from Mellon Arena, should the company receive a slots casino license from the state of Pennsylvania.
While Pennsylvania Governor Ed Rendell created an alternative to the funding plan should the casino proposal fail to materialize, Balsillie said that only the Isle of Capri plan would guarantee the Pittsburgh Penguins' future in the city.
His statements drew skepticism from fans, who believed Balsillie intended to move the team to Canada. While Balsillie refused to rule a move out, he asserted his commitment to Pittsburgh, should a new arena be built.
On December 15, 2006, Balsillie withdrew his bid to buy the team[2]. He made the decision after receiving notice from NHL commissioner Gary Bettman that the league would restrict Balsillie's control over the team. The move was geared at preventing Balsillie from moving the team.
Philanthropic work
In 2000, Balsillie provided $10 million of personal funds towards the founding of the Perimeter Institute for Theoretical Physics, adding to the $100 million already contributed by fellow RIM executive Mike Lazaridis.
In 2002, Balsillie founded the Centre for International Governance Innovation with $30 million of personal funds.
Statement regarding patents
Responding to the settlement by RIM against NTP, Inc., Balsillie listed several flaws with the U.S. patent system, particularly that too many "bogus" patents are issued. He also stated that the judge in the case ignored later findings by the U.S. patent office that NTP's patents were not valid, and quoted a Newsweek article in saying that the court's treatment of RIM was like "a judge in a murder case pondering execution while ignoring DNA evidence that exonerates the accused."[3]
Resignation
On March 5, 2007, Jim Balsillie resigned his role as chairman of RIM as the firm reported over US$250 million in past stock option accounting errors after an extensive review. He retains his roles as co-chief executive and director.[4]