2023-12-11 18:40:38
© Reuters. Blackberry logo on a building in Irvine, California, USA 08/20/2020 REUTERS/Mike Blake
(Reuters) – Canadian company BlackBerry announced on Monday the appointment of John Giamatteo, head of the digital security unit, as executive president and abandoned the plan to spin off its internet of things (IoT) business.
After months of considering strategic options for its business, the company announced in October that it would spin off its IoT and digital security divisions, aiming for an initial public offering (IPO) for the subsidiary.
However, BlackBerry said on Monday that it will now only separate the two companies after a reevaluation of this decision.
The change in plans comes amid weak performance from newly listed companies such as Birkenstock (NYSE:), chipmaker Arm Holdings (NASDAQ:) and food delivery app Instacart/Maplebear.
Giamatteo, whose appointment is effective immediately, joined BlackBerry in October 2021 as president of its digital security unit.
He succeeds John Chen, who stepped down in November after a decade at the helm. Richard Lynch, a director on BlackBerry’s board, served as interim CEO following Chen’s retirement.
(Reporting by Chavi Mehta in Bengaluru)
((São Paulo Editorial Translation))
REUTERS PVB FDC
#BlackBerry #names #CEO #abandons #IPO #plans #internet #Reuters