BlackBerry (NYSE:BB) Limited (NYSE: BB; TSX: BB) today announced a reshuffling of its finance leadership, appointing Tim Foote as Chief Financial Officer effective immediately, as part of its strategic move to create two separate divisions focusing on Cybersecurity and IoT.
Foote, who joined BlackBerry with the acquisition of Good Technology in 2015, has over 20 years of senior finance experience. His previous roles within the company include overseeing international finance operations and serving as CFO for the Cybersecurity division.
Foote, a Chartered Accountant with an MBA from Imperial College Business School, succeeds Steve Rai, who is leaving to explore new opportunities. Rai will stay in a consulting capacity until September to ensure a smooth transition.
"Tim is a strong, respected, and trusted leader within our finance organization, and he brings a wide range of experience from over two decades of senior finance roles in both public and private multinational companies. Tim's deep knowledge of BlackBerry's business, strong relationship with the investment community, and demonstrated leadership made him an ideal choice for the task ahead," said BlackBerry CEO John J. Giamatteo.
At the same time, BlackBerry has promoted Jay Chai to Chief Accounting Officer, expanding his role from Vice President and Corporate Controller, a position he has held since May 2019. Fraser Deziel has also been elevated to Corporate Controller after serving as Senior Director of Financial Reporting and Treasury since joining the company in November 2009.
BlackBerry is a global provider of intelligent security software and services for enterprises and governments. The company is recognized for its contributions to cybersecurity, safety, data privacy, endpoint management, and embedded systems, with its software currently powering over 235 million vehicles. Based in Waterloo, Ontario, BlackBerry aims to secure a connected future that can be trusted.
InvestingPro Insights
As BlackBerry Limited (NYSE: BB; TSX: BB) undergoes significant changes in its finance leadership, the company's financial health and market performance remain vital considerations for investors. According to real-time data from InvestingPro, BlackBerry currently holds a market capitalization of $1.46 billion USD. Despite a challenging market environment, the company has maintained a gross profit margin of 70.03% over the last twelve months as of Q1 2023. However, this period also saw a notable revenue decline of 27.53%, reflecting the company's ongoing efforts to navigate a rapidly evolving tech landscape.
InvestingPro Tips indicate that BlackBerry operates with a moderate level of debt and has not been profitable over the last twelve months. This is also reflected in the company's negative P/E ratio of -8.96, which suggests investor caution regarding BlackBerry's earnings potential. Analysts have revised their earnings downwards for the upcoming period and do not anticipate the company will be profitable this year, aligning with the strategic importance of the recent executive shifts to potentially steer the company towards a more favorable financial position.
For investors seeking additional insights, there are more InvestingPro Tips available, providing a deeper analysis of BlackBerry's financial health and market prospects. Use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, and explore the full range of expert tips to inform your investment decisions.
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