Today is a real whopper of a news day for BlackBerry. Many people knew that today would be a big day but it seems to be turning out to be a different kind of day than most expected. Fairfax is not moving forward with their acquisition for $9 a share but is rather investing $1 billion additional funds in BlackBerry as a long term investment. On top of that BlackBerry is staying public and has concluded their search for possible buyers. They have also decided that current CEO Thorsten Heins is stepping down as of today.
Thankfully BlackBerry is also shaking up its board of directors. John S. Chen will be appointed Executive Chair and Interim CEO while Fairfax CEO Prem Watsa will be appointed Lead Director. Chen was the CEO and chairman of Sybase before they were aquired by SAP and was responsible for their turnaround.