New CEO Chen: BlackBerry to continue making phones
The new CEO has staged a successful turnaround before, with enterprise software and services company Sybase. Chen guided the company into the arms of enterprise software giant SAP in 2010. He also was a senior advisor to private equity firm Silver Lakes which partnered with Michael Dell to take Dell private. Because of this connection he was asked about licensing BlackBerry 10 to Dell, and declined to answer. Although licensing software might be one of the things that BlackBerry will have to do to stay alive, make no mistake about Chen's decision to continue building handsets with the iconic BlackBerry logo on them. He expects the turnaround at BlackBerry to take 6 quarters and says, "I'm doing this for the long term. I am going to rebuild this company."
On Monday, Fairfax Financial pulled the $9 a share provisional buyout offer it had on the table due to lack of financing. Instead, Fairfax will invest $250 million in a $1 billion offering of convertible debt. Fairfax currently is BlackBerry's largest stockholder.
"We did the due diligence ... and our conclusion was that a leveraged buyout with high-yield debt and at high interest rates was not appropriate for this company."-Prem Watsa, CEO, Fairfax Financial
2. GeekMovement (Posts: 1499; Member since: 09 Sep 2011)
Wow that's kind of exciting. I'll be looking forward to the new blackberry (again).
3. Tommy1960i (Posts: 95; Member since: 11 Oct 2013)
It's interesting what we will see next. I know that to keep the company this way they need something big!!!!!! I want to see which will be their next step.
6. hassoups (Posts: 254; Member since: 06 Jun 2013)
used blackberry for a very long time. good luck!
7. mturby (Posts: 214; Member since: 09 Jan 2013)
n here we go again. androids weak point are ADS. MAYBE BB SHOULD do the same as android, without ads. hey, bb tried everything n had no success, who knows? maybe the problem is the age. bb needs a ceo who grew up dealing with technology, not an oldman. larry page was a almost a kid when he got android n google.
10. Miracles (Posts: 458; Member since: 31 Aug 2013)
Not everyone is born a genius. Older is wiser, but younger is better because of today's generation likes change so much.
I'm in my 20s, but I like old stuff a lot(not objects, but the old "ways" of doing things).
24. Pancholo (Posts: 371; Member since: 27 Feb 2012)
"androids weak point are ADS"
Not sure if troll or just potato.
Anyway, a wee bit of research on your part will save you from going full retard next time.
32. mturby (Posts: 214; Member since: 09 Jan 2013)
do u love ads? im sure u do. i have an android, i know what im talking about.
39. Pancholo (Posts: 371; Member since: 27 Feb 2012)
I'm still not seeing a single ad. *checks* Nope. Nothing, still.
Maybe you are talking about the recent KitKat 4.4 news regarding the ads that will *probably* be displayed in the stock dialer? If so, you also know those can be turned off. Otherwise, I'm still not seeing any ads in my Android devices.
It's not like you're gonna see a fullscreen ad splash asking you to buy male enhancement supplements right after you press "Call."
9. Kishin (Posts: 579; Member since: 30 May 2013)
Damn this is 2 exciting i cant wait to see what's next from BB!!.
35. Kishin (Posts: 579; Member since: 30 May 2013)
Nope, I am a big fan of Teck so Yes I would like to see BB rise again.
12. darkkjedii (Posts: 10103; Member since: 05 Feb 2011)
Don't throw in the towel BB, hang in there.
15. TheM16 (Posts: 80; Member since: 14 Aug 2013)
Using BB10 on Z30 and I still love the OS plus Sony Xperia Z1 Android ... Wish you all the best Blackberry and waiting for the next big thing.
17. rightcue805 (Posts: 55; Member since: 08 Jul 2013)
John Chen please give up! BB IS DEAD no one wants your old outdated phones anymore
25. Pancholo (Posts: 371; Member since: 27 Feb 2012)
"BB IS DEAD no one wants your old outdated phones anymore"
I fixed your typo, bro:
"BB IS DEAD I do not want your old outdated phones anymore"
You know, mother should teach you better manners and to speak for yourself.
22. xtroid2k (Posts: 323; Member since: 11 Jan 2010)
Has anyone actually read this guys resume. Its very impressive. He has previous experience turning around a dieing company. plus all of his other good work. If this company is to be reinvented, this is the guy for the job
26. sonisoe (Posts: 320; Member since: 06 May 2009)
i think bb consumer handsets need to adopt android...if not mistaken bb10 no longer requires BIS, unless you're a corporate which still needs BES for encryption...
40. rdaex (Posts: 75; Member since: 24 Oct 2012)
Yep, cause that works so well for Motorola, HTC, LG, and any other maker of Android devices..
Android solves nothing.. its not some magical damn bean that grows a beanstalk made of money.
28. x78_nothing (Posts: 50; Member since: 07 Feb 2013)
good to know that BB will continue to build handphone with BB10? emm but maybe bad news for Alan who likely want to see BB die within this year :) (maybe he already prepared an article for that lol). With Ubuntu and sailfish in horizon at least we will have more choice next year instead of bored android and iOS gangs. And like other fandroid i dont understand why they forced all handphone to be android?? why they forced us to use unsecured os?
34. funchumm1206 (Posts: 52; Member since: 04 Mar 2013)
He's only for interim CEO... So he might still be replaced tho
36. snowgator (Posts: 3187; Member since: 19 Jan 2011)
And in the soap opera called BlackBerry, another days passes....
1 billion is nice, but BB has money. They need stability and a company mandated vision. They need stable leadership, and a willingness to understand why they are bleeding, not just the knowledge they are bleeding.
I love BB10. I am fine with them staying public. But apps are not the only problem. There still seems to be this unwillingness to see that the name BlackBerry is not enough. There seems to be an inability to decide if they want to be a consumer device or just an enterprise device.
I like their products and even I won't buy one right now due completely to their unstable vision. How do they appeal to the masses if they can't get me?
37. MC1123 (Posts: 1229; Member since: 12 Nov 2012)
seriously people!? why hate BB10?! its a very fluid and stable and SECURE OS! it just release 10.2 and it is already capable that android/iOS/WP took years to develop yet they did the 10.2 update just months ago!
BB10 has future than WP since BB10 development of apps is easier than WP!
sailfish and ubuntu is quite nice but then again devs will start from the bottom again! they will still create an app for those OSes!
38. shamataa (Posts: 202; Member since: 07 Dec 2011)
Having a new CEO will not change things. They don't have a chance this year so next year will make no difference or ever. Better to go out of business.