Under intense pressure from a group of shareholders, Research In Motion Ltd. is preparing to unveil a corporate shakeup at the beleaguered BlackBerry maker that could see co-founders Mike Lazaridis and Jim Balsillie relinquish their titles as co-chairmen of the board, sources say.

Barbara Stymiest, an independent director who joined RIM’s board in 2007, is believed to be the leading candidate to replace Mr. Balsillie and Mr. Lazaridis as chair, sources familiar with events said.

A committee of seven independent directors of RIM’s board, including Ms. Stymiest, has been examining the company’s board structure, including the merits of having an independent chair rather than a lead director and the “business necessity” for Mr. Lazaridis and Mr. Balsillie – who are also co-CEOs – to hold significant board titles.

Blah Blah Bureaucracy Blah Blah Org Chart Blah Blah Management. Things sure have been looking up for RIM since Barbara joined the board in 20071.

Anything short of a cleaning of all the management and board of directors will be a failure of RIM to act in the best interest of the company and their customers. All they’re arguing about are titles.

But management structure should be a footnote – their problems are significantly deeper than board structure and what people call themselves. It’s a problem at the core of how they approach what they do. That is the business that needs to be taken care of quickly so RIM can get back on course.

  1. I’m being facetious []