John Giamatteo Appointed BlackBerry’s new CEO

BlackBerry (NYSE: BB; TSX: BB) has announced the appointment of John J. Giamatteo as its new Chief Executive Officer and a member of its Board of Directors, effective immediately. Richard (Dick) Lynch, who has been the interim Chief Executive Officer since November 4, 2023, will continue as the Board Chair. The company has unveiled plans to separate its IoT and Cybersecurity divisions, allowing them to function as autonomous entities. BlackBerry will not pursue a subsidiary IPO for the IoT business.

John J. Giamatteo previously served as the President of BlackBerry’s Cybersecurity business unit starting October 2021. He brings over three decades of experience in global technology companies. Giamatteo played a crucial role in enhancing the product portfolio, go-to-market strategy, and organizational efficiency within BlackBerry’s Cybersecurity division. Prior to his tenure at BlackBerry, he held significant positions such as President and Chief Revenue Officer at McAfee and Chief Operating Officer at AVG Technologies, a prominent provider of internet and mobile security. His leadership roles also include positions at Solera, RealNetworks, and Nortel Networks.

Mike Daniels, Chair of the Compensation, Nomination, and Governance Committee of the BlackBerry Board, expressed confidence in Giamatteo’s abilities, while John J. Giamatteo also shared his enthusiasm.

Reassessing its strategic direction, the BlackBerry Board has decided to pursue the separation of its IoT and Cybersecurity businesses into independent divisions. This decision steers away from the previously planned subsidiary IPO for the IoT business unit. BlackBerry aims to streamline its corporate functions into business-unit-specific teams, enabling each division to operate autonomously and profitably.

Dick Lynch, Board Chair of BlackBerry, highlighted the strategic benefits of the planned separation, emphasizing the management’s swift action to optimize both divisions for their respective markets and enhance decision-making capabilities.

To facilitate the separation and align resources accordingly, BlackBerry is in the final stages of selecting a consulting firm for a thorough assessment.

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