BlackBerry Says Goodbye to CFO, COO, CMO
November 25, 2013 12:26 PM
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To top it off, BlackBerry board member Roger Martin has resigned
It looks like the
bush is getting another shake as more executives fall from its brittle branches.
BlackBerry announced yet another executive shakeup today. This time, Chief Operating Officer Kristian Tear and Chief Marketing Officer Frank Boulben are heading out the door.
But that's not all. Chief Financial Officer Brian Bidulka is departing his position as well, but will remain a special advisor to interim CEO John Chen until the end of BlackBerry's fiscal year. BlackBerry's James Yersh will take over the CFO position.
To top it off, BlackBerry board member Roger Martin, who has held that spot since 2007, has resigned.
"I thank Kristian and Frank for their efforts on behalf of BlackBerry. I look forward to working more directly with the talented teams of engineers, and the sales and marketing teams around the world to facilitate the BlackBerry turn-around and to drive innovation," said Chen, Executive Chair and CEO of BlackBerry. "I also thank Brian for his eight years of dedicated service to BlackBerry. I look forward to working with James and his Finance team as we move forward, execute on our plans and deliver long-term value for our shareholders."
BlackBerry had one of the biggest executive shakeups of the year earlier this month when it was announced that
former CEO Thorsten Heins was stepping down
. At that time, it was also announced that David Kerr (on BlackBerry's Board of Directors) was resigning from the board.
Yep. This about sums up the state of BlackBerry. [SOURCE: Tech Week Europe]
BlackBerry, once a big player in the mobile gadget realm with its popular BlackBerry smartphones and OS, has fallen to competitors like Apple and Samsung in both the consumer and corporate/government markets. In 2011, BlackBerry had 14 percent of the U.S. smartphone market, and now, it has less than 3 percent.
This means that BlackBerry's wallet is taking a big hit. The company reported a loss of $84 million in the quarter that ended June 1, as well as a decrease of 4 million subscribers. In September, it expected a GAAP
net operating loss
of $950 to $995 million, and a cut of 4,500 jobs. As of March, BlackBerry had 12,700 employees.
BlackBerry's board of directors announced the formation of a Special Committee to
explore strategic alternatives
back in early September to enhance the value and accelerate the development of BlackBerry 10 (BB10) -- the company's latest operating system and line of devices that launched in January. The announcement came only a few days after a
that BlackBerry might go private in an attempt to fix its problems away from the public.
BB10 was supposed to save the company earlier this year, but it didn't take off the way BlackBerry expected. Both BB10 hardware releases -- the Z10 and Q10 -- have largely flopped. T-Mobile even took BlackBerry devices off of its shelves.
Earlier this month, BlackBerry
ditched previous buyout plans
in favor of $1 billion in funding from Fairfax Financial Holdings Limited and other institutional investors. Back in September, Fairfax Financial planned to pay $4.7 billion in a BlackBerry buyout, but the new agreement is a hefty investment for BlackBerry to right its own wrongs.
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RE: The reason doesn't matter.
11/26/2013 9:25:24 AM
That's what I've been saying for the last 2 years. Pity that Blackberry decided to commit suicide instead. They would have been pretty insulated against the Android lawsuits, their IP portfolio is pretty good. I imagine that someone will buy them for it eventually and then turn out the lights.
"I modded down, down, down, and the flames went higher." -- Sven Olsen
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