Shares of Research in Motion jumped on Tuesday after a major shareholder demanded big changes at the beleaguered BlackBerry Maker
The activist agitating for change is Jaguar Financial, a merchant bank that targets underperforming companies, according to Reuters. With control of an 8 percent stake, Jaguar's attempts to generate change could light a fire under the board.
In a live interview on CNBC, Jaguar Financial chairman and CEO Vic Alboini tells us he’s pushing for 3 things:
-Replace co-CEO’s Mike Lazaridis & Jim Balsillie
-Select Independent Chairman
-Sell company as a whole or in parts
It’s no secret that the BlackBerry maker has made more than its fair share of missteps – and that’s partly behind Alboini’s dissatisfaction.
Also, RIM shares have declined over 50% since the start of the year – and that too is likely behind these developments.
But Alboini suggests there’s another – perhaps more pressing reason sparking his call for action.