(Information sent by the signatory company)
The company will seek the total separation of the IoT and cybersecurity business units
WATERLOO, ON, Dec. 11, 2023/PRNewswire/ -- BlackBerry Limited (NYSE: BB; TSX: BB) today announced the appointment of John J. Giamatteo as its new CEO and member of its Board of Directors, effective immediately. Richard (Dick) Lynch, who has been interim CEO since November 4, 2023, will continue as chairman of the board. The Company also announced that it will separate the IoT and Cybersecurity businesses, and that they will operate as completely independent divisions. BlackBerry will no longer pursue a subsidiary IPO of the IoT business.
Appointment of John J. Giamatteo as CEO of BlackBerry
Giamatteo has been president of BlackBerry's Cybersecurity business unit since October 2021.
Giamatteo has more than 30 years of experience in global technology companies. As president of BlackBerry's Cybersecurity business unit, he has driven significant improvements in the product portfolio, go-to-market strategy and organizational efficiency. Prior to BlackBerry, he was president and chief revenue officer at McAfee. Prior to that, John was COO at AVG Technologies, a leading provider of mobile and Internet security. He also held leadership positions at Solera, RealNetworks and Nortel Networks.
"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 greater value for shareholders. His deep experience in industry and his outstanding track record of inspiring teams and delivering operational excellence means he is strongly positioned to drive this critical BlackBerry transformation," said Mike Daniels, Chairman 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 its CEO. BlackBerry's IoT and cybersecurity businesses have market-leading technology, exceptional teams and tremendous market opportunities," said John J. Giamatteo . "The Board of Directors and I are fully aligned on the next steps needed to unlock value within BlackBerry, and work on this effort will move forward at full speed. I look forward to working with the entire team to maintain our legacy of innovation and continue to deliver exceptional services." to our clients while we meet our objectives.
Reassessment of strategic direction
Following a re-evaluation of the previously announced outcome of Project Imperium, the BlackBerry Board of Directors decided to pursue a separation of the IoT and Cybersecurity businesses and establish them as independent divisions. The Company will no longer conduct a subsidiary initial public offering of its IoT business unit. The process will include the separation and rationalization of BlackBerry's centralized corporate functions into specific business unit teams, with a view to each division operating independently and on a profitable, cash flow positive basis into the future.
"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 value for shareholders," said Dick Lynch, Chairman of the Board of BlackBerry. . "Management is focused on moving quickly to complete this reorganization that will further enhance both businesses' focus on their respective markets, as well as their ability for rapid and flexible decision-making."
To assist in the separation and sizing process, BlackBerry is in the final stages of selecting a consulting firm to provide additional expertise and resources for an independent, ground-up evaluation.
About BlackBerry
BlackBerry (NYSE: BB; TSX: BB) provides intelligent security software and services to businesses and governments around the world. The company protects more than 500 million endpoints, including more than 235 million vehicles. Headquartered in Waterloo, Ontario, the company leverages artificial intelligence and machine learning to deliver innovative solutions in the areas of cybersecurity, data protection and privacy, and is a leader in the areas of endpoint security, endpoint management, encryption and integrated systems. BlackBerry's vision is clear: ensure a connected future you can trust.
For more information, visit BlackBerry.com and follow @BlackBerry.
Investors contact:
BlackBerry Investor Relations 1 (519) 888-7465investorrelations@blackberry.com
Media Contact:BlackBerry Media Relations 1 (519) 597-7273mediarelations@blackberry.com
This press release contains forward-looking statements within the meaning of certain securities laws, including the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws, including statements regarding plans, strategies and objectives. of BlackBerry, including its expectations regarding the growth and improvement of its product and service offerings, and other statements that are not historical facts.
The words "expect", "anticipate", "estimate", "could", "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 its perception of historical trends, current conditions and expected future developments, as well as other factors that BlackBerry considers appropriate in the circumstances, including, but not limited to others, 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 by the forward-looking statements, including, but not limited to: risks related to the proposed separation disrupting BlackBerry's operations and making it more difficult to realize business as usual, including maintaining relationships with customers, channel partners or other third parties; risks and uncertainties related to BlackBerry's ability to complete a complete separation of its IoT and Cybersecurity business units within the anticipated timeframes, or at all; risks related to BlackBerry's ability to operate its IoT and cybersecurity businesses profitably or with positive cash flow or, as a result, enhance shareholder value; and the risks discussed in BlackBerry's Annual Report on Form 10-K and the "Cautionary Note Regarding Forward-Looking Statements" section of the MD
Logo - https://mma.prnewswire.com/media/726868/BlackBerry_Logo.jpg
View original content: https://www.prnewswire.com/news-releases/blackberry-nombra-a-john-giamatteo-como-consejero-delegado-302011602.html
