BlackBerry has appointed John J. Giamatteo as its new Chief Executive Officer and Board member, effective immediately. Giamatteo previously served as the President of BlackBerry’s Cybersecurity business unit since October 2021. He brings over three decades of global technology experience to the top position at BlackBerry.
Under Giamatteo’s leadership, BlackBerry is set to undergo a strategic overhaul, separating its Internet of Things (IoT) and Cybersecurity businesses into fully independent divisions. This decision marks a departure from previous plans, as the company opts not to pursue a subsidiary IPO for its IoT business.
Dick Lynch, who has been acting as the interim CEO since 4 November 2023, will continue to play a crucial role as the Board Chair during this period of significant corporate evolution.
The decision to appoint Giamatteo and split the core business units is aimed at unlocking shareholder value.
The move also involves a strategic reassessment of Project Imperium, with a focus on establishing both divisions as standalone entities capable of operating profitably and generating positive cash flow. As part of this reorganisation, BlackBerry will streamline corporate functions into business-unit specific teams.
To facilitate this intricate process, BlackBerry is in the final stages of selecting a consulting firm. This firm will provide expertise and additional resources for an independent, ground-up assessment, aiding in the separation and right-sizing of the IoT and Cybersecurity divisions.
The Board, aligning with Giamatteo’s vision, said that the full separation will open up strategic alternatives and enhance the focus of each business on its respective market, fostering fast, flexible decision-making capabilities.