Dallas, Texas 12/16/2013 (FINANCIALSTRENDS) – BlackBerry Ltd (NASDAQ:BBRY) Executive Chairman and Interim Chief Executive Officer John S. Chen after taking over the reins at the ailing business phone maker earlier last month has been cleaning up the executive offices with a vengeance. The executive team at this Canadian cell phone manufacturer with a diminished market cap of $3.19 billion has seen an forced exodus of four key C level executives including its chief marketing officer and chief operating officer earlier this month. It is being speculated that two more key stake holders from the previous set up which had lorded over BlackBerry Ltd (NASDAQ:BBRY) decision to write off close to $1 billion worth newly produced models of handsets are on their way out by end of this year.
Business magazine, The Wall Street Journal has reported after quoting individuals who are in the know that its point’s man for mergers and acquisitions and global head for sales are on their way out over the next few weeks. Chris Wormald, who heads the mergers and acquisitions team for BlackBerry Ltd (NASDAQ:BBRY) is expected to wind up his association with company by end of the year. Rick Costanzo is the other executive who is on his way out. Rick was the head of global sales and under his stewardship has managed to see the sales of the once storied business phone maker’s sales shrink to hit a stand still.
Analysts are of the opinion that the new CEO will have a tough time when he comes out to announce the third quarter operation results later this week. It is being anticipated that he will announcing write off of additional unsold inventory to wipe the slate clean and start fresh.
Readers should note that these drastic measures being rung in one after the other have helped regain some of the lost confidence of the investors. In the past week, the stock value has appreciated by 3.4 percent which is the first time in past few weeks when the stock has ended the week in the positive territory.