Blackberry vendor Research in Motion (RIM) is changing up its top leadership. Jim Balsillie and Mike Lazaridis, who have served jointly as the company's Chief Executive Officers, stepped down on Sunday evening. They have also given up their positions as co-chairmen of RIM's board of directors. RIM's Chief Operating Officer, Thorsten Heins, will take over as CEO.

RIM has seen its position in the smartphone market crumble over the past few years as rivals Apple and Google reshaped the mobile technology landscape. RIM has struggled to modernize its operating system and deliver competitive products. Although RIM acquired embedded systems vendor QNX in 2010 with the hope of improving Blackberry software, it has taken too long for the company to overhaul its mobile platform.

Rumors about leadership changes at RIM began circulating earlier this month. Former Royal Bank of Canada executive Barbara Stymiest has taken over as chairman, vindicating the reports which named her as the most likely candidate for that role. Lazaridis, who originally founded RIM and is said to be one of the wealthiest men in Canada, will become the vice-chairman. Balsillie will retain a seat on the board, but no leadership position.

Heins will face many challenges as the new CEO of a company in decline. RIM's prospects for restoring its relevance in the smartphone market are possibly weak, but the company has a robust patent portfolio that could make it a valuable acquisition target—especially in light of the current litigious climate that afflicts the mobile industry. Reports that emerged last week indicated that several companies, including Samsung and HTC, are in talks to acquire RIM. Samsung categorically denied interest in acquiring the company.

Heins took an optimistic tone in a video that RIM has posted on YouTube Sunday night, saying that he thinks RIM still has the potential to be one of the top three players in the smartphone industry. Heins says that he wants the company to boost its emphasis on prototyping and innovation while improving its relationship with consumers.