BlackBerry Limited announced the appointment of John J. Giamatteo as its new CEO and member of its Board of Directors, effective immediately. Richard (Dick) Lynch , who has been interim CEO since November 4, 2023, will continue as chairman of the board. The Company also announced that it will separate the IoT and Cybersecurity businesses, and that they will operate as completely independent divisions. BlackBerry will no longer pursue a subsidiary IPO of the IoT business.
Appointment of John J. Giamatteo as CEO of BlackBerry.
Giamatteo has been president of BlackBerry’s Cybersecurity business unit since October 2021.
Giamatteo has more than 30 years of experience in global technology companies. As president of BlackBerry’s Cybersecurity business unit, he has driven significant improvements in the product portfolio, go-to-market strategy and organizational efficiency. Prior to BlackBerry, he was president and chief revenue officer at McAfee. Prior to that, John was COO at AVG Technologies, a leading provider of mobile and Internet security. He also held leadership positions at Solera, RealNetworks and Nortel Networks.
Also Read: Xcitium Partners with AccuKnox for CNAPP (Cloud Native Application Protection Platform) Integration.
“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 greater value for shareholders. His deep experience in industry and his outstanding track record of inspiring teams and delivering operational excellence means he is strongly positioned to drive this critical BlackBerry transformation,” said Mike Daniels , Chairman of the Compensation, Nominating and Governance Committee of the BlackBerry Board of Directors.
“I am honored and excited to lead the next phase of BlackBerry’s evolution as its CEO. BlackBerry’s IoT and cybersecurity businesses have market-leading technology, exceptional teams and tremendous market opportunities,” said John J. Giamatteo . “The Board of Directors and I are fully aligned on the next steps needed to unlock value within BlackBerry, and work on this effort will move forward at full speed. I look forward to working with the entire team to maintain our legacy of innovation and continue to deliver exceptional services.” to our clients while we meet our objectives.
Reassessment of strategic direction
Following a re-evaluation of the previously announced outcome of Project Imperium , the BlackBerry Board of Directors decided to pursue a separation of the IoT and Cybersecurity businesses and establish them as independent divisions. The Company will no longer conduct a subsidiary initial public offering of its IoT business unit. The process will include the separation and rationalization of BlackBerry’s centralized corporate functions into specific business unit teams, with a view to each division operating independently and on a profitable, cash flow positive basis into the future.
“The Board, with input from its advisors, believes that a complete separation of BlackBerry’s IoT and Cybersecurity businesses will open up a number of strategic alternatives that can unlock value for shareholders,” said Dick Lynch , Chairman of the Board of BlackBerry. . “Management is focused on moving quickly to complete this reorganization that will further enhance both businesses’ focus on their respective markets, as well as their ability for rapid and flexible decision-making.”
To assist in the separation and sizing process, BlackBerry is in the final stages of selecting a consulting firm to provide additional expertise and resources for an independent, ground-up evaluation.
SOURCE: PRNewsWire