BlackBerry appoints new CEO

WATERLOO — BlackBerry Limited announced the appointment of John J. Giamatteo as its new Chief Executive Officer and as a member of its Board of Directors, effective immediately. Richard (Dick) Lynch, who has served as interim Chief Executive Officer since November 4, 2023, will continue as Board Chair. The Company also announced that it will separate the IoT and Cybersecurity businesses, and that they will operate as fully standalone divisions. BlackBerry will no longer pursue a subsidiary IPO of the IoT business.

Appointment of John J. Giamatteo as BlackBerry CEO

Giamatteo has served as the President of BlackBerry’s Cybersecurity business unit since October 2021.

Giamatteo has experience with global technology companies. As President of BlackBerry’s Cybersecurity business unit, he has been involved in the product portfolio, go-to-market strategy and organizational efficiency. Prior to BlackBerry he was President and Chief Revenue Officer at McAfee. Before that, John served as Chief Operating Officer at AVG Technologies, a provider of internet and mobile security. He also held leadership positions with Solera, RealNetworks and Nortel Networks.

“We are delighted to appoint John to the role of CEO for what will be a transformative period in BlackBerry’s history, as we work to fully separate our two core business units to drive enhanced shareholder value. His deep industry experience and outstanding track record of inspiring teams and delivering operational excellence means he is strongly positioned to drive this critical transformation of BlackBerry,” said Mike Daniels, Chair of the Compensation, Nomination and Governance Committee of the BlackBerry Board.

Reassessment of Strategic Direction

Following a reassessment of the previously announced outcome of Project Imperium, the BlackBerry Board has decided to pursue a separation of the IoT and Cybersecurity businesses and establish them as standalone divisions. The Company will no longer pursue a subsidiary initial public offering of its IoT business unit. The process will include the separation and streamlining of BlackBerry’s centralized corporate functions into business-unit specific teams, with a view to each division operating independently and on a profitable and cashflow-positive basis going forward.

“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,” said Dick Lynch, Board Chair, BlackBerry. “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.”