December 12, 2023 at 03:27AM
BlackBerry reverses its plan to split into two companies, choosing instead to create two independent divisions: cyber security and IoT. Following a review called Project Imperium, the company will separate these businesses and streamline its operations to focus on profitable and cashflow-positive operations, alongside a new CEO appointment, John J. Giamatteo. Cost-cutting measures and a new consulting firm are also announced.
Key Takeaways from the Meeting Notes:
– BlackBerry has decided to abandon its plan to split into two separate companies and will reorganize itself into two independent divisions instead.
– The company will separate its IoT and cyber security businesses into standalone divisions, rather than conducting a subsidiary initial public offering of its IoT business unit.
– John J. Giamatteo has been appointed as the new CEO, replacing the long-time CEO John Chen who retired in October.
– Giamatteo has a background in leading cyber security businesses and is enthusiastic about leading BlackBerry into its next phase of evolution.
– The company will focus on cost-cutting measures and is in the process of selecting a consulting firm to assist with the separation and right-sizing process.