BlackBerry appoints John Giamatteo as CEO

(Sharecast News) - BlackBerry said on Monday that it has appointed industry veteran John J. Giamatteo as its new chief executive officer with immediate effect, as it announced plans to separate its IoT and cybersecurity businesses. Richard Lynch, who has served as interim CEO since 4 November, will continue as board chair.

BlackBerry said that Giamatteo - who has served as the president of its cybersecurity business unit since October 2021 - has more than 30 years of experience with global technology companies.

As president of the cybersecurity business, he has driven "significant" enhancements to the product portfolio, go-to-market strategy and organisational efficiency, it said.

Prior to joining BlackBerry, he was president and chief revenue officer at McAfee. Before that, Giamatteo served as chief operating officer at AVG Technologies, a provider of internet and mobile security. He also held leadership positions with Solera, RealNetworks and Nortel Networks.

BlackBerry also announced that it plans to separate the IoT and cybersecurity businesses, and that they will operate as fully standalone divisions. BlackBerry will no longer pursue a subsidiary IPO of the IoT business.

The process will include the separation and streamlining of the company's centralised corporate functions into business-unit specific teams, with a view to each division operating independently and on a profitable and cashflow-positive basis.

Richard Lynch said: "The board, with input from its advisors, believes that a full separation of BlackBerry's IoT and cybersecurity businesses will open up a number of strategic alternatives that can unlock shareholder value.

"Management is focused on moving quickly to complete this reorganisation that will further enhance the focus of both businesses on their respective markets as well as their capacity for fast, flexible decision-making."