After, the political unrest in the Gulf countries and surrounding regions. It seems that the instability has gripped the tech world as well. The Silicon valley is observing one of its most turbulent times starting from the sudden demise of the Palm webOS (pun intended), HP’s decision to sell or spinoff its PC business and the iResignation of Steve Jobs as Apple CEO to the firing of the Carol Batz of Yahoo and the company being put up for sale. The events have turned from shocking to bizarre…
Research in Motion is another tech firm which has seen its market share being aggressively encroached upon by Google’s Android and Apple’s iOS. And now we hear that Vic Alboni, CEO, Jaguar Financial Group, one of RIM’s main shareholders in an open letter to RIM’s board of directors has openly criticised the company for failing to “inspire consumer enthusiasm”.
The letter also goes on to suggest that so far the performance of the tech firm has been sluggish, citing how their shares have dropped by a staggering 80.3% since 2008 which has been a result of the firm being rather late in introducing new products to the market. Mr. Alboni also states that the status quo of RIM is unacceptable and its time they get a move on.
The open letter by JFC claims the support of other shareholders as well and demands action from RIM and suggests significant changes to the company which includes changing the top management of the firm. Besides some radical measures like either selling the firm or spinning off RIM’s patent portfolio has also been suggested inorder to bring value to its shareholders. JFC has also expressed its scepticism of RIM’s new QNX based smartphone, stating “You cannot put all your eggs in one basket”.
After HP’s blunder, whichever way RIM goes we hope to be it to be a logical decision after they have weighed all their options. We are eagerly awaiting RIM’s response.
View JFC Open Letter here
