Research In Motion Ltd's new CEO vowed on Tuesday to turn around the embattled company with a new generation of Bl ackBerry de vices to be launched ne xt year as he tr ansforms R I M into a "lean, mean, hunting machine."

Thorsten Heins, presiding over his first annual meeting since being named chief executive in January, faces a formidable battle to put the embattled smartphone maker back on track after a share-price swoon that has wiped away 80 percent of its market capitalization.

Sounding contrite, Heins acknowledged grumbles about the company's performance and shareholder frustration with the delay in the launch of the new phones until after the crucial holiday shopping season.

"I am not satisfied with the performance of the company over the past year," Heins said to a mostly subdued audience in Waterloo, Ontario, RIM's home city. "Many of you are frustrated with the time it has taken us to make our way through the transition."