BlackBerry names new CEO but won’t float its IoT division as separate business

The software and security services company BlackBerry has appointed John J. Giamatteo as its new Chief Executive Officer and as a member of its Board of Directors.

Mr Giamatteo has served as the President of BlackBerry’s Cybersecurity business unit since October 2021. The company explains he has more than 30 years of experience with global technology companies. 

“We are delighted to appoint John to the role of CEO for what will be a transformative period in BlackBerry’s history, as we work to fully separate our two core business units to drive enhanced shareholder value.  His deep industry experience and outstanding track record of inspiring teams and delivering operational excellence means he is strongly positioned to drive this critical transformation of BlackBerry,” said Mike Daniels, Chair of the Compensation, Nomination and Governance Committee of the BlackBerry Board.

“I am honored and excited to lead the next phase of BlackBerry’s evolution as its CEO. BlackBerry’s IoT and Cybersecurity businesses have market-leading technology, exceptional teams and large market opportunities,” said John J. Giamatteo. “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. I look forward to working with the entire team to uphold our legacy of innovation and continue providing exceptional service to our customers as we deliver on our goals.”

Richard (Dick) Lynch, who has served as interim Chief Executive Officer since November 4, 2023, will continue as Board Chair.

The Company also announced that it will 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 which provides connected vehicle services to more than 235 million vehicles around the world.

“The Board, with input from its advisors, believes that a full separation of BlackBerry’s IoT and Cybersecurity businesses will open up a number of strategic alternatives that can unlock shareholder value,” said Mr Lynch. “Management is focused on moving quickly to complete this reorganization that will further enhance the focus of both businesses on their respective markets as well as their capacity for fast, flexible decision-making.”

(Picture – BlackBerry on X)


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