BlackBerry fires CEO Thorsten Heins, scraps buyout plan
In a bit of a surprise move, BlackBerry announced this morning that it has given up on its effort to sell itself to a large investor, and that it will be replacing Thorsten Heins with former Sybase chief John Chen as interim CEO. From the official press release: “BlackBerry (Nasdaq: BBRY; TSX: BB), a world leader in the mobile communications market, today announced that it has entered into an agreement pursuant to which Fairfax Financial Holdings Limited (“Fairfax”) and other institutional investors (collectively, the “Purchasers”) will invest in BlackBerry through a U.S. $1 billion private placement of convertible debentures. Fairfax has agreed to acquire U.S.$250 million principal amount of the Debentures. The transaction is expected to be completed within the next two weeks…." ...