Research in Motion, the producer of the BlackBerry smartphone series, said it will cut approximately 11% of the company's workforce (around 2,000 jobs) and reorganize upper management.
Don Morisson, the company's COO will retire and Thorsten Heins will take the expanded role of COO, product and sales. This move comes after weak financial results in Q1 and an even worse outlook for the future.
As a result for the bleak Q1 report, RIM shares took a beating, dropping 20% overnight. Once a dominant force in the smartphone market, RIM recently fell third place, behind Apple's iOS and Google's Android.
The imminent layoffs are necessary to keep the company financially sound, but RIM will have to rethink its entire smartphone and tablet strategy to catch up with it's rivals.
You can read the full article here: http://mashable.com/2011/07/25/rim-cuts-2000-jobs/
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