BlackBerry Co-CEO Balsillie Sells Remaining Shares Year After Dismissal

By David Zielenziger | February 14 2013 12:17 PM

Jim Balsillie, the long-time co-CEO of BlackBerry Inc. (NASDAQ:BBRY), the Canadian smartphone developer, is no longer a shareholder of the company. When he was ousted as co-CEO in January 2012, he owned about 5.1 percent of the company.

Reuters

Research In Motion co-CEO Jim Balsillie speaks during the annual general meeting of shareholders in Waterloo

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But a filing with the Securities and Exchange Commission on Thursday showed that he’d completely cashed out by Dec. 31. It didn’t indicate when he sold his shares of the Waterloo, Ontario-based company, which was known until last month as Research in Motion.

His partner, former co-CEO and founder Mike Laziridis, who remains a BlackBerry director, in a separate filing acknowledged ownership of $29.9 million in shares, a 5.7 percent stake in the company.

BlackBerry is attempting a turnaround under CEO Thorsten Heins, a former Executive VP, who was promoted to succeed Balsillie and Laziridis.

Shares of BlackBerry lost 91 cents to close at $14.15 on Friday. Over the past year, the shares have lost about 8 percent of their value.

They’ve gained more than 88 percent in the past six months on bets that with its new BlackBerry 10 units, now shipping, the company will regain profit and market share.