On Tuesday, Thorsten Heins will make his first appearance as chief executive of RIM at the company’s annual meeting.
But his reception will be far from warm, the New York Times reports. Heins insists the company is fine as is, but experts say he’s seriously misleading investors and failing to address obvious problems.
RIM shares have fallen drastically from their peak in mid-2008 and last month, the company posted a $518 million quarterly loss. It also shocked investors with plans to delay production of the BlackBerry 10 phone line, which is considered critical to future success.
Additionally, Heins said last week he was confident the company would get past its challenges, and insisted RIM isn’t in a “death spiral.” The company—refusing to ask once more for government funding—will lay off about 5,000 employees globally in an effort to slash costs.
Due to Heins’ missteps and poor company performance, industry experts expect RIM will be the target of shareholder lawsuits.