BlackBerry announces the appointment of a new CEO and no longer seeks IPO, a subsidiary of the Internet of things.

CTOnews.com, December 11 (Xinhua)-- BlackBerry today announced the appointment of John J. Giamatteo as the new CEO and board member, effective immediately, and he has been president of the company's cyber security business since October 2021.

In addition, Richard Lynch, who served as interim chief executive since November 4, will continue to serve as chairman of the board.

BlackBerry also announced that it plans to split its Internet of things and network security units into separate businesses, and that BlackBerry will no longer seek an IPO of its Internet of things business subsidiary.

"this process will include separating and streamlining BlackBerry's centralized enterprise functions into business unit-specific teams, with a view to enabling each department to operate independently and on a positive profit and cash flow basis in the future," the company said in a statement.

So far, BlackBerry shares have risen 26% this year, outperforming the s & p 500, which is up 20% this year. As of CTOnews.com, BlackBerry shares are trading at just $4, with a market capitalization of $2.336 billion (currently about 16.772 billion yuan).

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