BlackBerry CEO resigns

BlackBerry CEO resigns The latest news, BlackBerry, gave up its plan to sell the company on Monday and announced the resignation of its CEO, Thorsten Heins. The news caused the BlackBerry's stock price to fall 16%, causing people to worry that the troubled BlackBerry will have no choice.

BlackBerry said that after two months of strategic choice assessment and negotiations with potential buyers including Facebook, Lenovo and private equity firm Cerberus, Blackberry decided to abandon the sale. Blackberry will raise $1 billion through the sale of convertible bonds to long-term investors including major shareholder Fairfax Financial Holdings.

BlackBerry appointed John Chen as interim CEO and executive chairman. Cheng Shouzong had successfully reversed the situation of enterprise software company Sybase in the late 1990s. Sybase was later acquired by SAP in 2010. Cheng Shouzong joined the Silver Lake Private Equity Fund a year ago as a senior advisor.

The resignation and appointment of Hines as the interim CEO surprised many investors. Hynes will leave the BlackBerry within two weeks after the issuance of the bond. BlackBerry does not provide a reason to change the CEO.

In an interview with Reuters, Cheng Shouzong emphasized his experience as an artist turning around the situation. He said that he did not plan to close BlackBerry's loss-making mobile phone business. He will use six quarters to reverse the BlackBerry situation.

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