Research in Motion Ltd. announced Thursday afternoon that their co-founder Jim Balsillie will be leaving the Waterloo Ont- based company as it released its fourth-quarter results.

“As I complete my retirement from RIM, I'm grateful for this remarkable experience and for the opportunity to have worked with outstanding professionals who helped turn a Canadian idea into a global success,” said in a statement. Adding,“I agree this is the right time to pass the baton to new leadership, and I have complete confidence in Thorsten, the management team and the company."

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