RIM’s Heins Quickly Lodges Foot in Mouth

by Tom Taulli | January 23, 2012 1:38 pm

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[1]), 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[2] — 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[3]) and Google (NASDAQ:GOOG[4]), 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.

  1. RIMM: http://studio-5.financialcontent.com/investplace/quote?Symbol=RIMM
  2. the new CEO: https://investorplace.com/2012/01/research-in-motion-still-toast-rim-rimm-balsillie-lazardis-ceo/
  3. AAPL: http://studio-5.financialcontent.com/investplace/quote?Symbol=AAPL
  4. GOOG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GOOG

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