Research in Motion is preparing to replace its co-founders Mike Lazaridis and Jim Balsillie with a new independent chairman, sources familiar with the matter told Canadian paper the Financial Post. Barbara Stymiest, an independent director who joined RIM's board in 2007, is believed to be the leading candidate to replace Balsillie and Lazaridis as chair. A committee of seven independent directors of RIM's board, including Stymiest, have been examining the company's board structure, including the merits of having an independent chair rather than a lead director and the "business necessity" for Lazaridis and Balsillie, who are also co-CEOs, to hold significant board titles. The BlackBerry maker has been under pressure form shareholders to reform its corporate governance as part of efforts to improve results. The company agreed to the governance review last July to avoid a public confrontation at its annual general shareholders' meeting. Northwest & Ethical Investments, which owns 2.6 percent of RIM's stock, withdrew a shareholder proposal to adopt a policy that divides the roles of chair and chief executive and that the chair be independent after RIM agreed to assess its governance structure. The report by the company's independent directors should be ready by the end of this month, and the full board is expected to respond within 30 days. The company declined to comment on the report.
