Research in Motion (Rim) said it is also in the process of recruiting a chief marketing officer to focus on a "customer and market-based product approach, and flawless execution".
Previous chief marketing officer Keith Pardy said he was leaving the company for "personal reasons" in March just weeks ahead of the launch of its PlayBook tablet computer.
The management changes come following a disappointing year for BlackBerry due to a , and a delayed operating system update that has left it lagging behind smartphone rivals.
Lazaridis, who is also the founder of Research in Motion (Rim), will remain at the company as vice chair of Rim's board and chair of the board's new innovation committee.
He will provide strategic advice to Heins and help provide enable a smooth transition to the new operating structure.
Former co-chief executive Balsillie will remain a member of the board and remain a significant shareholder, while Lazaridis is buying an additional $50m (£42m) shares in order to back up his confidence in the future of the company.
Lazaridis said: "There comes a time in the growth of every successful company when the founders recognize the need to pass the baton to new leadership.
"With BlackBerry 7 now out, PlayBook 2.0 shipping in February and BlackBerry 10 expected to ship later this year, the company is entering a new phase, and we felt it was time for a new leader to take it through that phase and beyond."
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