The billionaire BlackBerry duo has even more capacity for philanthropy - or buying National Hockey League teams - these days, thanks to their company's soaring stock price.
Research In Motion Ltd.'s latest management proxy circular shows co-CEOs Mike Lazaridis and Jim Balsillie's combined stockholdings in the Waterloo, Ont., high-tech phenomenon were worth more than $10-billion (U.S.) last month, up from about $3.4-billion a year earlier.
During that period, the price of RIM's shares on the Nasdaq exchange - the measuring stick used in the circular -rocketed to nearly $141 from less than $56.
Mr. Balsillie, who has been trying to buy an NHL franchise, so far in vain, holds shares and deferred share units now worth nearly $4.83-billion, while Mr. Lazaridis's slightly larger holdings are within a hair's breadth of $5.2-billion.
These figures, the circular says, exclude the value of exercisable and unexercisable options the executives hold on several million more RIM shares. For Mr. Balsillie, the options are worth $215-million-plus, while Mr. Lazaridis's are worth nearly $192-million.
Mr. Lazaridis dropped out of his engineering program at Waterloo just months short of graduation to found RIM in 1984. Mr. Balsillie, joined the company in 1992, shortly after receiving a Harvard MBA.
Trying to pinpoint an underlying factor in their success, Michelle Warren, an analyst with Info-Tech Research Group, talks of their vision.
"They've got a sense of what the customer is looking for. They have a sense of what the future looks like for handheld products," she said. "They've got it and they filter it down through the rest of the company."
In the last year, RIM has expanded into more countries, opening up a bigger customer base, and formed more partnerships around the globe with companies that distribute the BlackBerry devices.
The company has also moved aggressively into the consumer market, bringing devices such as the Pearl and the Curve to soccer moms and students, who until now would never have considered owning an e-mail device.
"They're an example for other entrepreneurs coming up through the market that there are no boundaries," Ms. Warren said.
Kaan Yigit, a consultant with Solutions Research Group said the pair has created "a solid brand just as the smart phone market is beginning to hit its inflection point. This is the beginning of a great ride for them."
The two executives have not stinted when it comes to philanthropy. Last November, they unveiled plans to give as much as $150-million more to charity over the following 18 months.
The circular also shows RIM's co-CEOs got raises last year. Their identical salaries rose to about $1.12-million from $549,250 in fiscal 2007, while their incentive bonuses jumped to nearly $1.73-million from $1.13-million.
