This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

The 10 Dumbest Things on Wall Street in 2011

Shares of Research In Motion steadily sank over the course of 2011 as Apple continued to grab market share from the BlackBerry maker. Not helping the company's fortunes was the stumbling and bumbling of its co-CEOs who made every conference call a winner -- for us at least.

4. RIM's Terrible Twos -- published July 29, 2011

Grab your life vests everybody. The brass at Research In Motion (RIMM) is rearranging the deck chairs on Noah's Ark.

Sorry for the mixed metaphor, but our mixed-up friends behind the BlackBerry once again bewildered Wall Street Monday when they announced plans to pair up more senior officers while slashing staff on the sinking ship by roughly 10%, or 2,000 workers. RIM said the intention is "to focus on areas that offer the highest growth opportunities and alignment with RIM's strategic objectives." Shares of the company did anything but grow in response to the plan, contracting over 3% on news of the restructuring.

Wait! Sorry again. We forgot that RIM's co-CEOs don't want to refer to this as a "restructuring" or "reorganization." Michael Lazaridis and James Balsillie declared back in June that these layoffs are an attempt to "streamline" and "realign" the company's operations as part of a greater "cost optimization program."

Boy, if this pair could only come up with a sales strategy as easily as euphemisms for canning people then maybe they wouldn't be in all this trouble.

Sadly, that's not the case. And what's worse, according to the company's press release, the less-than-dynamic duo is expanding its silly strategy of doubling up employees in key C-Level roles. Thorsten Heins will be now taking on the expanded the role of COO, product and sales. And Jim Rowan will be assuming the expanded role of COO, operations, responsible for RIM's manufacturing, global supply chain and repair services.

Furthermore, a host of other RIM executives will be mixed and matched as part of the company's overhaul, including Patrick Spence, who has been promoted to Managing Director, global sales and regional marketing, while Robin Bienfait will be maintain her current position of CIO, but will also take on responsibility for RIM's crucial enterprise business unit.

Look, we have nothing against all the motion going on at RIM as they try to turn this boat around. But it did not take a lot of research for us to figure out that two heads are not always better than one at the company.

We simply looked at the twosome at the top.

8 of 11

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,122.56 -50.12 -0.29%
S&P 500 1,990.55 -3.74 -0.19%
NASDAQ 4,524.9220 -2.7670 -0.06%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs