BlackBerry CEO out, investors to fund company to a tune of $1 billion

Blackberry

Drama in the tech world can only be found at Blackberry of late, as today was the looming deadline for its proposed takeover deal with Fairfax Financial Holdings, expires. But it seems this takeover will not happen anytime soon, on the contrary the company is going to receive an investment of $1 billion from Fairfax and a group of other institutional investors as it seeks to steer a new course. With that we expect a major reshuffle at board level, starting with CEO Thorsten Heins, who is stepping down to be replaced by interim CEO John S. Chen.

Thorsten Heins is out only after few years

The new Blackberry CEO Chen, has a lot of experience in the mobile industry and  could point the company in the right direction.  In an interview with Reuters, incoming CEO John Chen says that he has no intention of shutting down BlackBerry’s handset division, despite its growing losses. “I know we have enough ingredients to build a long-term sustainable business,” Chen said, having noted that BlackBerry is still capable of staging a turnaround. “I have done this before and seen the same movie before.” We wait and see what the fate of Blackberry will lie in the near future.

SHARE