Blackberry CEO Fired As The Deal To Sell The Struggling SmartPhone Company Falls Through
Struggling cell phone manufacturer Blackberry today fired its CEO and announced that the sale of the the company to a group of private investors has fallen through.
The Canadian pioneer of the smartphone industry expects to make a loss of a billion dollars this year after disastrous sales of its new handsets and had planned to lay off 4,500 staff.
Directors had been trying to rescue the firm with a sale to its largest shareholder Canadian investment consortium Fairfax, headed by billionaire Prem Watsa.
But Fairfax reportedly struggled to finance its $4.7bn takeover, and Blackberry company now plans to replace its CEO Thorsten Heins and raise about $1 billion from institutional investors.
German-Canadian Heins had been CEO of the firm since January 2012 and oversaw the release of poorly-received handsets the Q10 and Z30.