BlackBerry names new CEO, calls off plans for IPO of Internet of Things business

BlackBerry names new CEO

BlackBerry Ltd. has promoted John Giamatteo to the job of chief executive and called off plans for an initial public offering of its Internet of Things business, but still plans to split its operations.

Giamatteo, who was president of BlackBerry's cybersecurity business unit, takes over the job after the retirement of John Chen as chief executive and executive chairman earlier this year.

Richard Lynch, who has served as interim chief executive since Nov. 4, will continue as board chair.

The company also says it will no longer pursue a subsidiary initial public offering of its Internet of Things business unit.

Instead, BlackBerry says the board has decided to establish its Internet of Things and cybersecurity businesses as stand-alone divisions.

It says the plan includes the separation and streamlining of its centralized corporate functions into business-unit specific teams, with a view to each division operating independently.

"The board, with input from its advisors, believes that a full separation of BlackBerry's IoT and cybersecurity businesses will open up a number of strategic alternatives that can unlock shareholder value," Lynch said in a statement.

"Management is focused on moving quickly to complete this reorganization that will further enhance the focus of both businesses on their respective markets as well as their capacity for fast, flexible decision-making."

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