Research In Motion shareholders have aired their frustrations with the company’s delayed product launch and eroding market share.

Some even called for major leadership changes during the BlackBerry maker’s annual meeting in Waterloo Tuesday.

This was the first time since last summer that most of the company’s investors had an opportunity to speak directly to RIM’s executive team.

That included new chief executive Thorsten Heins, who took over the top position in January from co-C-E-O’s Jim Balsillie and Mike Lazaridis.

One shareholder did question his pay package, which could fetch Heins between eight-million dollars and 12-million if he leaves the company.

Shareholders Vic Alboini, the chief executive of Jaguar Financial, said Heins has lost credibility.

Alboini also said RIM will issue statements suggesting everything is fine and that there’s no need for change but the share price shows things are anything but fine.

RIM shares, which traded for more than $30 per share less than a year ago, closed Tuesday’s trading day below $7.50.