Bloomberg News

Former RIM Executive Lessard Joins Mobile Risk Company Fixmo

October 24, 2011

(Updates with closing share price in fifth paragraph.)

Oct. 24 (Bloomberg) -- Research In Motion Ltd.’s former head of developer relations, Tyler Lessard, is joining mobile security software maker Fixmo Inc. as chief marketing officer.

Lessard, who had been RIM’s vice president for global alliances and developer relations, will promote Fixmo’s office security products, which include Fixmo Sentinel and Fixmo SafeZone, the Toronto-based company said today in a statement. RIM confirmed Lessard’s departure Sept. 29.

Lessard is one of at least six executives to leave this year as RIM struggles with declining market share and a falling stock price. The BlackBerry maker is losing customers to Apple Inc.’s iPhone and phones built on Google Inc.’s Android platform. Fixmo develops security software for corporate customers that use Apple, Android and BlackBerry devices.

“Tyler had always impressed me with his broad knowledge of the mobile space,” Fixmo Chief Executive Officer Rick Segal said today in an interview. “He has gone through the analysis of the gaps in the RIM portfolio to help us craft a better cross-platform strategy.”

RIM, based in Waterloo, Ontario, rose 3.2 percent to $23.49 at the close in New York. The stock has lost 60 percent this year.

GMP Securities Ltd. analyst Michael Urlocker today cut his rating on RIM to “reduce” from “hold” and lowered his share price target on the stock to $18.

“New devices were not shown at last week’s developer conference and we are worried that RIM could face a product gap of several months,” Urlocker said in his note. Given recent product delays and declining influence with carriers, “we doubt that RIM can restore the confidence of customers and investors.”

--Editors: Peter Elstrom, Ville Heiskanen

To contact the reporter on this story: Hugo Miller in Toronto at hugomiller@bloomberg.net

To contact the editor responsible for this story: Peter Elstrom at pelstrom@bloomberg.net


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