BlackBerry Names John Giamatteo as CEO, Nixes IPO for IoT Business

BlackBerry, a tech company in Canada, made significant announcements on Monday, reshaping its strategic trajectory and leadership.
BlackBerry IoT businessThe firm disclosed the appointment of John Giamatteo, the head of its cybersecurity unit since October 2021, as the new Chief Executive Officer.

BlackBerry also announced that it will separate the IoT and Cybersecurity businesses, as part of the of Project Imperium. They will operate as standalone divisions. BlackBerry will no longer pursue IPO of the IoT business.

Initially, BlackBerry had outlined plans in October to separate its IoT and cybersecurity divisions and proceed with a subsidiary IPO for the IoT wing in the upcoming fiscal year. However, after reevaluating its strategic direction, the company now intends to solely separate the two businesses, revising its previously proposed plan.

BlackBerry, announcing its financial report for the second quarter fiscal year 2024, has earlier revealed revenue of $49 million from IoT business and revenue of $79 million from cybersecurity business unit.

BlackBerry’s revised strategy also encompasses streamlining its centralized corporate functions, allowing each business unit to operate independently, fostering profitability and positive cash flows.

The newly appointed CEO, John Giamatteo, assumed his role immediately, succeeding John Chen, who stepped down in November after ten years at the helm of the company. During the interim period following Chen’s retirement, Richard Lynch, a director on BlackBerry’s board, served as the interim CEO.

John Giamatteo has over 30 years of experience with global technology companies. As President of BlackBerry’s Cybersecurity business unit, he has driven significant enhancements to the product portfolio, go-to-market strategy and organizational efficiency.

Prior to BlackBerry, John Giamatteo was President and Chief Revenue Officer at McAfee.  Before that, John Giamatteo served as Chief Operating Officer at AVG Technologies, a leading provider of internet and mobile security. He also held leadership positions with Solera, RealNetworks and Nortel Networks.

BlackBerry’s strategic realignment signifies a concerted effort to consolidate its focus on cybersecurity while maintaining a prudent stance in navigating the evolving landscape of IoT, underscoring its commitment to sustained growth and operational efficiency.

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