Canada’s troubled Blackberry rules out sale
Share tumbles as smartphone maker replaces CEO and cancels deal with private equity firm in surprise decisions.
Published On 5 Nov 2013
The troubled smartphone company Blackberry says it is no longer for sale and is replacing its chief executive officer.
John Chen, a US-based technology executive with a reputation for turning around troubled companies, replaces Thorstein Heins, who had been Blackberry’s CEO for less than two years.
The announcement came on the day Fairfax, a Canadian private equity firm, was due to finalise plans to buy Blackberry for $4.7bn.
But as Al Jazeera’s Daniel Lak reports from Toronto, the company’s surprise announcement has sent the company’s shares tumbling.
Source: Al Jazeera