Technology player BlackBerry scrapped previously announced plans to IPO its IoT business after spinning it off from the cybersecurity side of the company, as it raised the prospect of alternative strategic moves.
The company still plans to separate the two sides of its business, with both set to operate as standalone divisions.
In October, BlackBerry claimed the chief reason for the split was to enable an IPO of the IoT side, with the proposal following a wide-scale strategic review.
However, today (11 December) its chair Dick Lynch revealed the board had decided the separation alone would “open up a number of strategic alternatives that can unlock shareholder value”, following input from advisers.
Alongside announcing plans to scrap the prospect of an IPO, the company revealed the president of its cybersecurity business John Giamatteo had been appointed as BlackBerry CEO, replacing interim Richard Lynch. The change at the helm is effective immediately.
Lynch took over from long-term chief John Chen following his retirement last month.