BlackBerry names cybersecurity chief John Giamatteo CEO, to separate IoT and cybersecurity businesses – MarketWatch

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BlackBerry Ltd.
BB,
+5.10%

said Monday it has named John J. Giamatteo as its new chief executive, effectively immediately. Giamatteo, who has served as president of the company’s cybersecurity business since October 2021, will replace Richard Lynch, who was interim CEO since Nov. 4. The company also announced plans to separate its Internet of Things and cybersecurity divisions into standalone businesses, but said it will no longer pursue a subsidiary initial public offering of the IoT business. “The process will include the separation and streamlining of BlackBerry’s centralized corporate functions into business-unit specific teams, with a view to each division operating independently and on a profitable and cashflow-positive basis going forward,” it said in a statement. The stock has gained 26% in the year to date, outperforming the S&P 500
SPX,
+0.41%
,
which has gained 20%.

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