Digital marketing executive heads for Samsung; investor says “we are on the way out.”
After RIM’s poor show at the first-quarter earnings call on Thursday, reports have come in that a high-level official and a investor group has left the Canadian company.
According to Advertising Age, vice president of digital marketing and media Brain Wallace has apparently left the company for a position at Samsung. Wallace will don the title of vice president of strategic marketing and will focus on branding and offline media.
On the other hand as well, investor group Jarislowsky Fraser Ltd, the sixth largest of the firm, confirmed that it will be dropping its entire stake in the company.
“They are resting on their laurels,” said Stephen Jarislowsky, chairman of Jarislowsky Fraser Ltd., on Friday in an interview with Bloomberg. “Steve Jobs is a much better marketer than RIM,” Jarislowsky added. ”We are on the way out. The stake has been reduced by more than 50% or even more.”
At the earnings call, RIM said that it had missed analyst estimates, with revenue totaling at $4.9 billion compared to Street’s estimate of $5.5 billion. Device shipment totalled 13.2 million compared to the expected 13.5 million. Following that, the company said that it will be cutting jobs to “streamline operations and accelerate new product introductions”.