Blackberry Maker Research in Motion Hurt by 'Gross Mismanagement'

Crumbling Blackberry maker Research in Motion Ltd. (NYSE: RIMM) should be divided into two parts in order to survive, said a prominent stock analyst who once championed the company.

Mike Abramsky, an analyst at RBC Capital Markets, said the business should be split into a phone division and a network operations segment.

RIM's organization, like its handsets, needs modernization, he wrote in a note to investors, according to PCMag.

RIM’s latest real-time operating system, QNX, is promising, he said, but been hurt by gross mismanagement. ... QNX is not a panacea.

Although QNX appears strong, if QNX doesn't work, or further misexecution undermines RIM's turnaround, then RIM will be left without a 'plan B.' [Consequently, RIM] split the Berry.

PC Mag also indicated that shareholders lashed out at RIM chief executives Mike Lazaridis and Jim Balsillie at a meeting on Tuesday in Vancouver.

One irate stockholder reportedly shouted at the beleaguered CEOs: You're letting Apple and [Google] Android eat your lunch. [Yes], you're an innovator, but you're not good at selling what you make.

RIM shares have plunged about 60 percent since mid-February 2011.