Success of Blackberry
BlackBerry the indispensable device for business executives, lawyers and bankers who wanted to check their emails when not at their computers.
Past five years has seen the Canadian company fail to fight back against competition from Apple and Google in smart phone market.
That, in turn, left Mr Balsillie and Mr Lazaridis under increasing pressure from investors dismayed at RIM's tumbling share price. The shares fell 75pc last year.
BlackBerry maker RIM was worth more than $70bn a few years ago, but now has a market value of $8.9bn
"This marks the beginning of a new era for RIM," Mr Lazaridis told Bloomberg. "It was a bit of a bumpy ride. We've done it as best we could."
The departure of the two from the top jobs at RIM comes just a week before the company's own deadline for releasing the findings of a management review. Despite public criticism from investors including Northwest & Ethical Investments and Jaguar Financial, the pair insisted last night that their decision was not because of that pressure.
Mr Lazaridis, who founded RIM in 1984, will become vice chairman, while Mr Basillie will remain a board member.
The challenges facing Mr Heins, who joined RIM four years ago from Germany manufacturer Siemens, are considerable. RIM's share of the smartphone market in the US dwindled to just 16.6pc in the three months to the end of November, according to research firm ComScore.
That compares to just under 50pc for phones using Google's Android operating system and 28.7pc for Apple.
RIM, which has lost just over $70bn of value since its market capitalisation peaked in 2008, is working on a new operating system for its phones, though that has suffered delays. Its PlayBook, a tablet computer device aimed at challenging Apple's iPad, has failed to wow customers.
Mr Heins said yesterday that the development of a new operating system will yield results for RIM, and also pointed to its small amount of debt as a strength for what was once Canada's most valuable company. The German executive also said he will be looking for a new marketing chief - an area in which Apple excels.
RIM's woes has seen it emerge as a possible takeover target for companies ranging from Microsoft to Samsung in recent months. It remains to be seen whether last night's changes will be enough to revive its fortunes.
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