BlackBerry appoints new CEO, cancels Internet of Things IPO
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BLACKBERRY LTD (BB:CT)
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BlackBerry Ltd. has named John J. Giamatteo its new chief executive officer, the company announced Monday.
Giamatteo moves into the top job from his previous role as president of BlackBerry's cybersecurity business unit, where the company said he “has driven significant enhancements to the product portfolio, go-to-market strategy and organizational efficiency.”
"I am honored and excited to lead the next phase of BlackBerry's evolution as its CEO,” Giamatteo said in a press release.
"The board and I are fully aligned on the next steps needed to unlock the value within BlackBerry, and work on this effort will proceed at full speed.”
The executive shuffle follows the departure of former CEO John Chen earlier this year.
Richard Lynch, who had served as interim CEO since Chen’s November retirement from BlackBerry, will continue as BlackBerry’s board chair, the company said.
IPO CANCELLED
Prior to Chen’s retirement from BlackBerry, he had been working on dividing BlackBerry's cybersecurity operations from its Internet of Things (IoT) business, which he planned to take public.
However, the company announced Monday that it plans to “separate the IoT and cybersecurity businesses, and that they will operate as fully standalone divisions.”
“BlackBerry will no longer pursue a subsidiary IPO of the IoT business,” the release said.
With files from The Canadian Press
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