BlackBerry Abandons Split Plan, Appoints New CEO

Company to reorganize into two independent divisions, IoT and cybersecurity, under leadership of John Giamatteo.

BlackBerry has decided to abandon its plan to split into two separate companies, instead opting to reorganize into two independent divisions: IoT and cybersecurity.
The company has appointed John Giamatteo, the former head of its cybersecurity unit, as its new CEO, succeeding John Chen who retired in November.
BlackBerry will no longer pursue a subsidiary initial public offering of its IoT business unit.
The company plans to separate and streamline BlackBerry's centralized corporate functions into teams dedicated to each business unit, aiming for each division to operate independently and on a profitable and cashflow-positive basis.
BlackBerry is in the final stages of selecting a consulting firm to assist in the separation and right-sizing process.