Ailing
Canadian smartphone maker, Blackberry, has revealed that its current boss,
Thorsten Heins, will be replaced by John Chen to launch another try at the
smartphone business which has been abysmal for the company in recent times. Blackberry has also
cancelled the plans to take it private by Fairfax Financial Holdings.
Fairfax
Financial Holdings was unable to raise the required $4.7 billion required to
purchase the company, instead Blackberry will now raise about $1 billion from
its largest shareholder which is Fairfax Financial Holdings, and other
institutional investors.
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| John Chen. Img: Pocket-Lint |
Analysts have
predicted that Blackberry’s smartphone business may not be feasible again in
the nearest future and it may have to look to its other services for a
resurgence of the falling company.
However, the
new man to take over the reins at Blackberry, John Chen, has revealed that
shelving the smartphone business is not one of his plans for Blackberry.
John Chen was
chosen for his experience in situations like these after he led the revival of
Sybase, a database software company in the 1990s.
“I know we
have enough ingredients to build a long-term sustainable business,” he told
Reuters. “I have done this before and seen the same movie before.”
Blackberry staked
its survival on the Z10 and Q10 which it launched earlier this year but the
plan failed woefully as the company ended up writing off nearly $1 billion of
unmoved inventory.
It will be a
hard task to revive Blackberry but time will tell if Mr John Chen will be able
to repeat a feat he made earlier in his career.
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nice blog my namesake.....more grease
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