BlackBerry share price: CEO pledges return to the company’s roots

on Dec 3, 2013
Updated: Oct 21, 2019
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iNVEZZ.com, Tuesday, December 3: BlackBerry Ltd (NASDAQ:BBRY) is “very much alive” according to the company’s chief executive officer John Chen in an open letter to corporate clients. Chen, who was appointed last month as CEO on an interim basis, said that the company is returning to its roots, targeting four areas as part of this drive – handsets, EMM solutions, cross-platform messaging and embedded systems.

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In yesterday’s trading BlackBerry shares closed 1.26 percent higher at $6.41.
Trade these shares now through Hargreaves Lansdown from £5.95 per deal.
**“We are very much alive, thank you”**
Yesterday, Chen made a clear statement of his turnaround plan for the company, seeking to reassure large business customers that BlackBerry is “here to stay”. The CEO outlined four areas BlackBerry will target in a push to return to its “heritage and roots”, with a particular focus on multiplatform mobile management service. He also urged corporate clients to stay with the company.

“Our ‘for sale’ sign has been taken down and we are here to stay,” the CEO said in a letter addressed to “our valued enterprise customers and partners”.
“BlackBerry recently announced it has entered into an agreement to receive a strategic investment from Fairfax Financial and other institutional investors, which represents a vote of confidence in the future of BlackBerry,” he added.

**Multiplatform**
BlackBerry has adapted its mobile management software to work across rival systems in an effort to accommodate corporate customers that have employees using iPhones and Android-based smartphones as well as BlackBerries. On Monday Chen confirmed that BlackBerry will continue its progress in this area, saying that the company has serious plans about multi-platform MDM (mobile device management) and multiplatform EMM (enterprise mobility management). He dispelled the notion that BlackBerry Enterprise Service only works with BlackBerry devices:

“Our competitors want you to think that BES only manages BlackBerry devices, and that we are somehow more expensive than other MDMs. This is false.”
**Reorganisation**

Chen’s letter comes just a few days after a shake-up in the company’s management ranks that saw the departures of three senior executives (https://invezz.com/news/equities/7075-blackberry-share-price-top-executives-leave-as-company-narrows-focus). Last week the company announced than its chief financial officer Brian Bidulka was stepping down to be replaced by James Yersh. Chief operating officer Kristian Tear and chief marketing Kristian Tear are also leaving the company, without any plans to replace them – a sign the troubled handset maker is narrowing its focus.

**As of yesterday’s US close buy BlackBerry shares at $6.41**
**As of yesterday’s US close sell BlackBerry shares at $6.41**
Trade stocks with Hargreaves Lansdown from £5.95 per deal.
Prices can go up and down meaning you can get back less than you invest. This is not advice. Dealing services provided by Hargreaves Lansdown.
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