Research in Motion, maker of the ever-popular B(c)rackberry line of hand-helds saw its co-chief executive, Jim Balsillie, resign from his position yesterday when the company went public with an acknowledgment that RIM had made some very expensive errors when it comes to properly accounting for its stock options grants.

Balsillie will not leave the company, however. He'll remain and retain all other titles and executive privileges. RIM will end up restating earnings from 2004 through the first quarter of '07. Balsillie along with company co-Founder Mike Lazaridis will both kick in millions of their own personal cash to help make-up the shortfall.

-- MDT

Labels: backdating, crackberry, RIM, stock options