BlackBerry has named its new boss, John Giamatteo, at the same time as it cancels its plan to list its Internet of Things activities on the stock market.
The Waterloo, Ont.-based technology company did not explain why it was abandoning its IPO plans when it made its series of announcements Monday.
However, she took the opportunity to reaffirm her commitment to separating the company into different entities. This is one of the commitments resulting from its strategic review process launched in May.
“The Board, with input from its advisors, believes that a complete separation of the Internet of Things and cybersecurity businesses will open up a number of strategic opportunities that could unlock shareholder value.” , said Dick Lynch, chairman of the board, in a statement.
“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. »
BlackBerry’s announcements Monday mark the latest development in a transitional period for the company that rose to fame with its smartphones but later shifted its focus to cybersecurity and automotive products.
As part of its strategic review known as Project Imperium, the company planned to split BlackBerry into two business units, separating its cybersecurity and Internet of Things operations. It also wanted to list activities in the Internet of Things segment on the stock market.
On Monday, the company said each unit would have its own dedicated team and operate independently. Its goal is for each unit to generate positive cash flow.
BlackBerry lost 42 million in the second quarter of its 2024 fiscal year, compared to a loss of 54 million for the same period last year.
BlackBerry reports that it was in the final stages of selecting an independent consulting firm to help it complete a “core independent assessment.” This process will be completed under the leadership of Mr. Giamatteo, who was president of BlackBerry’s cybersecurity business unit.
Mr. Giamatteo was previously president and chief revenue officer of antivirus giant McAfee and held executive positions at software companies AVG Technologies, Solera and RealNetworks and telecommunications company Nortel Networks, his LinkedIn page says .
He succeeds John Chen, who spent a decade at the helm of BlackBerry, where he was on a mission to transition the company from its telecommunications roots to a cybersecurity software company. Mr. Chen had retired in November.
