BlackBerry abandons $4.7 billion rescue deal and replaces CEO Thorsten Heins

If you were looking for positive news about BlackBerry's future, we'd suggest you look away. Canada's favorite smartphone maker has announced that its $4.7 billion rescue deal with Fairfax has collapsed. Instead, the company has switched to Plan B -- raising $1 billion in cash with a debt issue and waving goodbye to current CEO Thorsten Heins. The board is currently looking for a replacement, but in the meantime, John S Chen, former CEO of Sybase, which is now a part of SAP, will take the reins as interim CEO. The only thing we've yet to learn is what this means for BlackBerry's Global Creative Director, but she's probably preoccupied in the recording studio.
SOURCE: The Globe and Mail, Marketwired