BlackBerry CEO steps down, takeover deal shelved

Today was the day we were all set to find out about BlackBerry’s fate, and it’s not looking as rosy as it did when Fairfax Financial announced its intentions to buy BlackBerry in September.

The first bit of bad news is that the takeover deal from Fairfax financial is officially over, with the deal reportedly having difficulties of getting any banks on board, out of fear that BlackBerry could not recover. Instead BlackBerry will receive a $1 billion lifeline from Fairfax and a group of other investors, although we’re not sure how long BlackBerry can hold on without a buyer.

BlackBerry will also have to do it with a whole new CEO, with Thorsten Heins stepping down as chief executive effective immediately, with John S. Chen taking his place as interim CEO.

Chen could be the best man for the job, with his previous track record of turning around failing companies — with Sybase being the most recent company he helped turn around. He is also knowledgable about the mobile enterprise — which will no doubt come in handy as BlackBerry shifts is focus back to the enterprise market.

Source: Globe and Mail