BlackBerry Appoints John Giamatteo as CEO #Imaginations Hub

BlackBerry Appoints John Giamatteo as CEO #Imaginations Hub
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  • Business veteran Giamatteo to steer BlackBerry as Chief Govt Officer

  • IoT and Cybersecurity enterprise models to change into totally standalone BlackBerry divisions

  • Course of underway to separate centralized features and right-size value constructions

  • Firm will not pursue subsidiary IPO of IoT enterprise

  • New group construction to current higher choices for enhancing shareholder worth

WATERLOO, ON, Dec. 11, 2023 /PRNewswire/ –– BlackBerry Restricted (NYSE: BB; TSX: BB) immediately introduced the appointment of John J. Giamatteo as its new Chief Govt Officer and as a member of its Board of Administrators, efficient instantly. Richard (Dick) Lynch, who has served as interim Chief Govt Officer since November 4, 2023, will proceed as Board Chair. The Firm additionally introduced that it’s going to separate the IoT and Cybersecurity companies, and that they’ll function as totally standalone divisions. BlackBerry will not pursue a subsidiary IPO of the IoT enterprise.

Appointment of John J. Giamatteo as BlackBerry CEO

Giamatteo has served because the President of BlackBerry’s Cybersecurity enterprise unit since October 2021.

Giamatteo has over 30 years of expertise with world know-how corporations.  As President of BlackBerry’s Cybersecurity enterprise unit, he has pushed vital enhancements to the product portfolio, go-to-market technique and organizational effectivity. Previous to BlackBerry he was President and Chief Income Officer at McAfee.  Earlier than that, John served as Chief Working Officer at AVG Applied sciences, a number one supplier of web and cellular safety. He additionally held management positions with Solera, RealNetworks and Nortel Networks.

“We’re delighted to nominate John to the function of CEO for what will probably be a transformative interval in BlackBerry’s historical past, as we work to totally separate our two core enterprise models to drive enhanced shareholder worth.  His deep business expertise and excellent monitor document of inspiring groups and delivering operational excellence means he’s strongly positioned to drive this important transformation of BlackBerry,” mentioned Mike Daniels, Chair of the Compensation, Nomination and Governance Committee of the BlackBerry Board.

“I’m honored and excited to steer the subsequent section of BlackBerry’s evolution as its CEO. BlackBerry’s IoT and Cybersecurity companies have market-leading know-how, distinctive groups and enormous market alternatives,” mentioned John J. Giamatteo. “The Board and I are totally aligned on the subsequent steps wanted to unlock the worth inside BlackBerry, and work on this effort will proceed at full pace. I stay up for working with the complete crew to uphold our legacy of innovation and proceed offering distinctive service to our clients as we ship on our objectives.”

Reassessment of Strategic Path

Following a reassessment of the beforehand introduced consequence of Undertaking Imperium, the BlackBerry Board has determined to pursue a separation of the IoT and Cybersecurity companies and set up them as standalone divisions. The Firm will not pursue a subsidiary preliminary public providing of its IoT enterprise unit.  The method will embody the separation and streamlining of BlackBerry’s centralized company features into business-unit particular groups, with a view to every division working independently and on a worthwhile and cashflow-positive foundation going ahead.

“The Board, with enter from its advisors, believes {that a} full separation of BlackBerry’s IoT and Cybersecurity companies will open up plenty of strategic options that may unlock shareholder worth,” mentioned Dick Lynch, Board Chair, BlackBerry. “Administration is targeted on transferring shortly to finish this reorganization that can additional improve the main target of each companies on their respective markets in addition to their capability for quick, versatile decision-making.”

To help within the separation and right-sizing course of, BlackBerry is within the ultimate levels of choosing a consulting agency to convey experience and extra assets for an unbiased, ground-up evaluation.

About BlackBerry

BlackBerry (NYSE: BB; TSX: BB) offers clever safety software program and companies to enterprises and governments world wide. The corporate secures greater than 500M endpoints together with over 235M automobiles. Primarily based in Waterloo, Ontario, the corporate leverages AI and machine studying to ship revolutionary options within the areas of cybersecurity, security, and information privateness options, and is a pacesetter within the areas of endpoint safety, endpoint administration, encryption, and embedded programs.  BlackBerry’s imaginative and prescient is evident – to safe a related future you possibly can belief.

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