Company to pursue complete separation of IoT and Cybersecurity business units
- Industry veteran Giamatteo to lead BlackBerry as CEO
- IoT and Cybersecurity business units will become fully autonomous BlackBerry divisions
- Ongoing process to separate centralized functions and size cost structures
- The company will no longer pursue the IPO of its IoT subsidiary
- New organizational structure to present greater options for increasing shareholder value
WATERLOO, ONTARIO, December 11, 2023 /PRNewswire/ — BlackBerry Limited (NYSE: BB; TSX: BB) today announced the appointment of John J. Giamatteo as the new president and CEO and member of its board of directors, effective immediately. Richard (Dick) Lynchwho has been serving as interim Managing Director since November 4, 2023, will remain chairman of the board of directors. The company also announced that it would separate the IoT and Cybersecurity businesses and operate them as fully autonomous divisions. BlackBerry will no longer pursue an IPO of a subsidiary of the IoT business.
The meeting of John J. Giamatteo as CEO of BlackBerry
Giamatteo has been president of BlackBerry’s Cybersecurity business unit since October 2021.
Giamatteo has over 30 years of experience working with global technology companies. As president of BlackBerry’s Cybersecurity business unit, he drove significant improvements to product portfolio, go-to-market strategy and organizational efficiencies. Prior to BlackBerry, he was President and Chief Revenue Officer at McAfee. Prior to that, John served as Chief Operating Officer at AVG Technologies, a leading Internet and mobile security provider. He also held leadership positions at Solera, RealNetworks and Nortel Networks.
“We are excited to appoint John as CEO for what will be a transformative period in BlackBerry’s history, as we work to completely separate our two core business units to drive increased shareholder value.” His extensive industry experience and exceptional track record of inspiring teams and delivering operational excellence means he is strongly positioned to lead this critical transformation of BlackBerry,” said Mike DanielsChairman of the Compensation, Nominating and Governance Committee of the BlackBerry Board of Directors.
“I am honored and excited to lead the next phase of BlackBerry’s evolution as CEO. BlackBerry’s IoT and Cybersecurity businesses have cutting-edge technology, exceptional teams and significant market opportunities,” said John J. Giamatteo. “The Board and I are in full agreement on the next steps needed to unlock value within BlackBerry, and work on this effort will continue at full speed. I look forward to working with the entire team to maintain our legacy of innovation and continue to provide exceptional services. service to our customers as we achieve our goals.
Reassessment of strategic direction
Following a reassessment of previously announced result of Imperial Project, the BlackBerry Board has decided to continue separating the IoT and Cybersecurity businesses and establishing them as standalone divisions. The Company will no longer pursue the IPO of its IoT subsidiary. The process will include separating and streamlining BlackBerry’s centralized corporate functions into business unit-specific teams, with a view to enabling each division to operate independently and on a profitable and cash flow positive basis. ‘future.
“The board, with input from its advisors, believes that a complete separation of BlackBerry’s IoT and cybersecurity businesses will pave the way for a number of strategic alternatives that could unlock shareholder value.” , said Dick Lynch, Chairman of the Board, BlackBerry. “Management is working to move quickly to complete this reorganization which will further strengthen both companies’ focus on their respective markets as well as their ability to make rapid and flexible decisions.”
To facilitate the separation and rightsizing process, BlackBerry is in the final stages of selecting a consulting firm that will provide expertise and additional resources for a substantive independent assessment.
About BlackBerry
BlackBerry (NYSE: BB; TSX: BB) provides intelligent security software and services to businesses and governments around the world. The company obtains more 500M end points, including more 235M Vehicles. Situated at Waterloo, Ontario, the company leverages AI and machine learning to deliver innovative solutions in the areas of cybersecurity, security and data privacy, and is a leader in the areas of endpoint security, management of endpoints, encryption and embedded systems. BlackBerry’s vision is clear: to deliver a connected future you can trust.
For more information, visit BlackBerry.com and follow @BlackBerry.
Investor contact:
BlackBerry Investor Relations
+1 (519) 888-7465
investorrelations@blackberry.com
Media Contact:
BlackBerry Media Relations
+1 (519) 597-7273
mediarelations@blackberry.com
This press release contains forward-looking statements within the meaning of certain securities laws, including under the US Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws, including statements regarding plans, BlackBerry’s strategies and objectives, including its expectations to increase and improve its product and service offerings, and other statements that are not historical facts.
The words “expect”, “anticipate”, “estimate”, “may”, “will”, “should”, “could”, “intend”, “believe”, “target”, “ plan” and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by BlackBerry in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that BlackBerry believes are appropriate in the circumstances. , including but not limited to. BlackBerry’s expectations regarding its business, strategy, opportunities and prospects, the launch of new products and services, general economic and financial market conditions, competition and BlackBerry’s expectations regarding its financial performance. Many factors could cause BlackBerry’s actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking statements, including, without limitation: risks related to the proposed separation disrupting operations of BlackBerry and making it more difficult to conduct business as usual. , including maintaining relationships with customers, channel partners or other third parties; risks and uncertainties relating to BlackBerry’s ability to complete a complete separation of its IoT and Cybersecurity business units on schedule, or at all; risks related to BlackBerry’s ability to operate IoT and cybersecurity businesses profitably or with positive cash flow or thereby enhance shareholder value; and the risks discussed in BlackBerry’s Annual Report on Form 10-K and in the “Cautionary Note Concerning Forward-Looking Statements” section of BlackBerry’s MD&A (copies of which may be obtained at: www.sedar.com Or www.sec.gov). All of these factors should be considered carefully and readers should not place undue reliance on BlackBerry’s forward-looking statements. All forward-looking statements are intended to enable BlackBerry shareholders to view the expected performance and prospects of BlackBerry from management’s perspective at the time such statements are made, and are subject to the risks inherent in all forward-looking statements. , as described above, as well as the challenges of forecasting BlackBerry’s financial results and performance for future periods, particularly over longer periods, given evolving technology and business strategy of BlackBerry, evolving industry standards, intense competition and short product life cycles that characterize the industries that BlackBerry operates in. Any forward-looking statements are made only as of today and BlackBerry has no intention and undertakes no obligation to update or revise them, whether as a result of new information, events future or otherwise, except as required by applicable law.
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SOURCE BlackBerry Limited
