Dallas, Texas 11/28/2013 (Financialstrend) – BlackBerry Ltd (NASDAQ:BBRY) has been in shaky waters for a long time now and many people from the company’s management team have been fleeing the seemingly sinking ship. The company’s CFO and Chief marketing Officers are quitting. This is the latest shakeup in the management after Blackberry announced that it is putting itself up for sale.
The company’s Coo, Kristian Tear and Frank Boulben, the CMO will be leaving and James Yersh will take over the chief financial officer mantle. Brian Bidulka, the former CFO will continue as the special advisor to John Chen, the Chief Executive Officer till the close of the financial year. The CEO said that the company’s cash position is very strong and that it is still leads the pack in terms of being the No 1 provider of secure mobile-device management solutions to its global enterprise customers.
Sale plan change
It was just at the beginning of this month that Chen had moved into the CEO role after Thorsten Heins left the company. Other significant news is that BlackBerry Ltd (NASDAQ:BBRY) is not going ahead with its sale plan. In its place it will now be accepting an investment of $1B from Fairfax Financial Holdings. When Chen moved into the CEO position, he stated that the company’s brand is an iconic one. However, he also agreed that reclaiming the success they used to enjoy is going to take a lot of hard work, time and discipline. Apart from this, some tough decisions will also have to be taken.
On the global front, the company has been struggling to maintain its footing in the market and the iPhones and Androids have overtaken the BlackBerry Ltd (NASDAQ:BBRY) smartphones by leaps and bounds. However, in all this chaos that the company has not been able to resolve, one market has been like a ray of light for the company. Not only has it gained ground, it has also outrun Samsung Electronics Co., Ltd (KRX:005930) in the South African Smartphone market.
Time for a comeback
World Wide Worx, the market research firm found that BlackBerry Ltd (NASDAQ:BBRY) has made significant headway in the Smartphone space in South Africa over the last one year. As per the “Mobility 2014″ report from World Wide Worx, the company’s share of the nationwide mobile phone installed-base rose by 5 points in a matter of a year. This was a jump from the 2012 level of 18% to 23% in 2013.
In 2012, Samsungs market –share was in line with BlackBerry Ltd (NASDAQ:BBRY)’s share and it stood at 18%. However, the former managed only a 1% rise in market share in the last one year and its muscle in other segments has not really seemed to help it in any way in the Smartphone market in South Africa. It finally seems like BlackBerry Ltd (NASDAQ:BBRY) is moving out of the doldrums and is on the path to mending itself. With the investment from Watsa’s Fairfax Financial, the iconic company should be able to make a comeback.