Due to back-dated stock options issue, the CEO of Research in Motion namely Jim Balsillie was compelled to step down from his position and pay over CA$5 million (US$4.1 million) penalty. This agreement was set by the Ontario Securities Commission. According to reports, the back-dating events went back as far as 1996.
Mike Lazardis, RIM’s co-CEO was also penalized by CA$1.5 million (US$1.2 million). However, he was saved from being demoted.
