TweakTown
Tech content trusted by users in North America and around the world
5,931 Reviews & Articles | 38,208 News Posts

BlackBerry off the market as CEO Thorsten Heins steps down

BlackBerry drops plans to sell, receives $1 billion investment from Fairfax Holdings, and Thorsten Heins resigns as CEO (NASDAQ:BBRY)

| Business, Financial & Legal News | Posted: Nov 4, 2013 4:06 pm

It appears that the long saga of BlackBerry's demise is over and the end result is not a failed company, or a new handset OEM resulting from a buyout. Instead, BlackBerry has taken itself off of the market and has received a $1 billion investment from Fairfax Holdings, the company which failed to raise $4.7 billion to buy BlackBerry earlier this year.

 

TweakTown image news/3/3/33718_1_blackberry_off_the_market_as_ceo_thorsten_heins_steps_down.jpg

 

Along with this morning's announcement, BlackBerry said that its CEO, Thorsten Heins, will be stepping down after almost two years at the reigns. Heins will be replaced by Interim CEO, John S. Chen, who previously served as chairman and CEO of Sybase, Inc before it was acquired by another company in 2010. Todays announcements have done little to impress investors though as BlackBerry's stock is trading at $6.55 after a high of $8 last week.

 

"Today's announcement represents a significant vote of confidence in BlackBerry and its future by this group of preeminent, long-term investors," said Barbara Stymiest, Chair of BlackBerry's Board. "The BlackBerry Board conducted a thorough review of strategic alternatives and pursued the course of action that it concluded is in the best interests of BlackBerry and its constituents, including its shareholders. This financing provides an immediate cash injection on terms favorable to BlackBerry, enhancing our substantial cash position. Some of the most important customers in the world rely on BlackBerry and we are implementing the changes necessary to strengthen the company and ensure we remain a strong and innovative partner for their needs."

NEWS SOURCES:Electronista.com

Related Tags

Further Reading: Read and find more Business, Financial & Legal news at our Business, Financial & Legal news index page.

Do you get our news RSS feed? Get It!

Post a Comment about this news

Latest Tech News Posts

View More News Posts

TweakTown Web Poll

Question: Facebook's acquisition of Oculus VR will...

Improve Oculus Rift Development

Hamper Oculus Rift Development

Completely destroy Oculus Rift Development

Let's wait and see, I'm not sure

or View the Results

View More Polls

Forum Activity

View More Forum Posts

Press Releases

View More Press Releases