RIM whose smartphone market is shrinking has said that it paid its new CEO Thorsten Heins more than $10 million in the company's last fiscal year and gave him hundreds of thousands of stock options to take the top job in January, according to Reuters.

Shares of Research In Motion fell 2.5 percent on Thursday after the struggling BlackBerry maker named a financier to replace a telecom executive on its board, disappointing investors looking for more sweeping changes.

The company, whose share price has tumbled alongside its once-dominant share of the smartphone market, also said it paid its new CEO more than $10 million in the company's last fiscal year and gave him hundreds of thousands of stock options to take the top job in January.

It also revealed millions of dollars in payments to former co-CEO Jim Balsillie, when he parted ways with RIM.

"There may be some tough questions asked or some shareholder backlash if the change at the top is just this," Reuters quoted Sameet Kanade, an analyst at Northern Securities as saying, referring to the announcements, made in a filing ahead of RIM's annual meeting next month.

Kanade said the filing suggested the company was making little progress toward the broad changes investors are seeking.