Research In Motion co-CEO Jim Balsillie will step down from the BlackBerry maker's board for at least 12 months, as part of a settlement with Canadian regulators over a stock-options backdating controversy, according to Reuters.

"We accept that we've made mistakes and absolutely we take full responsibility for that, don't duck it one bit," Balsillie said in a separate Times Online article.

Balsillie will also have to pay a $4.1 million (US) penalty, while co-chief Mike Lazaridis will be forced to pay $1.2 million (US), under the terms laid out by the Ontario Securities Commission, the report said. Other executives will also have to pay tens of millions of dollars in total.