BlackBerry has refused their plans to sell the company. Instead they will be managing 1.25 American dollars against their convertible debentures. The company will be removing their CEO Mr. Thorsten Heens from the post and Mr. John Chen will be taking his place who is the director of Walt Disney and Wales Fargo companies. With this, Mr. Prem Vatsa will be the Lead Director of the company who is the owner of Fairfax financial company and had bided for BlackBerry few days back. The company also revealed that Fairfax financial will invest 25 crore dollars against convertible debentures. Mr. Prem Vatsa had signed a non stationary agreement of 4.7 billion dollars in the month of September for acquisition of BlackBerry.
According to the new CEO of the company Mr. Chen, BlackBerry will now be concentrating on software and support business and not on mobile phones. This will be a bad news for Blackberry lovers and owners but the company will exit soon from mobile phone business.
Behind this big decision taken by the company, Fairfax holds a major role who is the biggest share holder of the BlacBerry. Fairfax holds 10% of the total market share of BlackBerry.