If a company loses more than 70% of its value in less than a year, Wall Street usually cheers when a new CEO comes on board. But in the case of Research In Motion (NASDAQ:RIMM), things have not gone according to the playbook. The stock was down more than 6% Monday after RIM announced new leadership.
Then again, the new CEO — Thorsten Heins — seems to be a lackey of the former co-CEOs, Jim Balsillie and Mike Lazaridis. Despite the fact that RIM is getting crushed by Apple (NASDAQ:AAPL) and Google (NASDAQ:GOOG), Thorsten actually proclaimed, “I don’t think that there is a drastic change needed.”
Yes, it’s the kind of quote that will live in infamy. In fact, it is reminiscent of the following gems:
“I cannot imagine any condition which would cause a ship to founder. I cannot conceive of any vital disaster happening to this vessel. Modern ship building has gone beyond that.”
— Edward Smith, Captain, Titanic
“With over 50 foreign cars already on sale here, the Japanese auto industry isn’t likely to carve out a big slice of the U.S. market.”
— Business Week, Aug. 2, 1968
“This ‘telephone’ has too many shortcomings to be seriously considered as a means of communication. The device is inherently of no value to us.”
— Western Union, 1876
“There is no reason anyone would want a computer in their home.”
— Ken Olson, CEO of Digital Equipment Corp., 1977
“Our liquidity is fine. As a matter of fact, it’s better than fine. It’s strong.”
— Kenneth Lay, Enron CEO
“I didn’t even have a lifejacket because I had given it to one of the passengers. I was trying to get them into the lifeboats in an orderly fashion. All of a sudden, the boat listed between 60 and 70 degrees. I tripped and ended up in one of the lifeboats.”
— Francesco Schettino, Captain, Costa Concordia
As of this writing, Tom Taulli did not hold a position in any of the aforementioned stocks.