This week's perspective from Joe Chidley: You could call this a “technical” fumble – because there’s just no way around taking a hit when you’ve got bad news to deliver, as Research in Motion did this week when it announced disappointing earnings and guidance that fell below the Street’s expectations. Next day, the stock plunged more than 20%, rounding out a horrible year for the Waterloo, Ont.-based maker of the BlackBerry. Now, we here at TD&F have great admiration for co-CEOs Jim Balsillie and Mike Lazaridis, but the real test is just beginning for the dynamic duo of the Canadian tech industry. And it’s not clear that they’re up to it. In the wake of the market disappointment, they needed to communicate first that they know there’s a serious problem and second that they are going to do something about it. But the tone of their communication hasn’t made it seem like they’re fully committed. One analyst was quoted as saying the two weren’t acknowledging the scope of the challenges ahead of them, and they were “trite” in their responses during the earnings call. Meanwhile, the co-CEOs insistence that “the management structure is working” every time someone asks whether it might be time to rethink their co-CEO arrangement – and streamline the leadership structure at a crucial time – increasingly seems like an ostrich-like response. It’s OK to assure your audience that better times are ahead, but it’s not OK to look like you’re burying your head in the sand. The sad fact, as RIM’s stock plunge proves, is that investors aren’t buying the story the company is peddling. It’s time to change the conversation. But are Balsillie and Lazaridis capable of doing it?
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