BlackBerry gives up on sale, CEO exits

(MoneyWatch) Embattled smartphone manufacturer BlackBerry (BBRY) announced that it has received $1 billion from Canadian firm Fairfax Financial and other investors, has called off its sale, and that Thorsten Heins would be replaced as CEO and resign from the board of directors.

Technology veteran John Chen, who was until this year CEO of Sybase, will become chairman of the board and interim CEO of BlackBerry. Prem Watsa, chairman and CEO of Fairfax, will become the lead director of the company. David Kerr, who had been a BlackBerry director since 2007, will also resign his position.

The company had put itself up for sale in August after years of questionable strategic decisions, poor operations, and growing financial disaster. BlackBerry once owned the smartphone market. Now, according to market analyst firms such as Gartner and IDC, it holds less than 3 percent.

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