Canadian technology concern BlackBerry (BB) has named John J. Giamatteo its new chief executive officer (CEO) and canceled the planned initial public offering (IPO) of its Internet of Things (IoT) business unit.
Giamatteo is a company insider and takes the helm of BlackBerry after serving as president of BlackBerry's cybersecurity business unit.
The appointment comes after the abrupt departure of former CEO John Chen in November of this year.
Richard Lynch, who had served as interim CEO since Chen left, will continue as BlackBerry’s board chair, the company said in a written statement.
Earlier this year, BlackBerry announced plans to divide its cybersecurity operations from its Internet of Things business and take the IoT unit public through an IPO.
However, the company announced that while it still plans to separate the IoT and cybersecurity businesses, it no longer plans to pursue an IPO in the coming year.
BlackBerry has struggled for more than a decade to transition away from its original business of making smartphones to become a cybersecurity and IoT company.
The stock of BlackBerry has declined 8% over the last 12 months and currently trades at $5.55 per share. Through five years, the company’s share price is down 45%.
