BlackBerry Announces Executive and Board Changes

Ticker: BB · Form: 8-K · Filed: 2024-07-29T00:00:00.000Z

Sentiment: neutral

Topics: executive-changes, board-changes, leadership

Related Tickers: BB

TL;DR

BlackBerry shakes up leadership: Chen is Executive Chairman, new directors elected, some execs out.

AI Summary

BlackBerry Limited announced on July 26, 2024, a series of executive and board changes. These include the appointment of John G. Chen as Executive Chairman, effective immediately, and the election of new directors, including Steven Capelli, Mark Cattini, and Michael Daniels, to the Board of Directors. The company also announced the departure of several officers and directors, including Prem Watsa and Sarah J. Bates.

Why It Matters

These leadership changes could signal a strategic shift for BlackBerry, impacting its future direction in cybersecurity and IoT markets.

Risk Assessment

Risk Level: medium — Changes in key leadership and board composition can introduce uncertainty regarding future strategy and execution.

Key Players & Entities

FAQ

Who has been appointed as the new Executive Chairman of BlackBerry Limited?

John G. Chen has been appointed as the Executive Chairman, effective immediately.

Which individuals were elected to the Board of Directors?

Steven Capelli, Mark Cattini, and Michael Daniels were elected to the Board of Directors.

What is the effective date of the reported changes?

The earliest event reported is dated July 26, 2024.

Who are some of the officers or directors that have departed from BlackBerry Limited?

The filing indicates the departure of officers and directors, including Prem Watsa and Sarah J. Bates.

What is BlackBerry Limited's principal executive office address?

BlackBerry Limited's principal executive offices are located at 2200 University Ave East, Waterloo, Ontario, Canada, N2K 0A7.

Filing Stats: 1,002 words · 4 min read · ~3 pages · Grade level 10.5 · Accepted 2024-07-29 16:40:01

Key Financial Figures

Filing Documents

02(b) – Departure of Steve Rai as Chief Financial Officer

Item 5.02(b) – Departure of Steve Rai as Chief Financial Officer The information required by this Item 5.02(b) with respect to the departure of Steve Rai as the Chief Financial Officer of BlackBerry Limited (the "Company") is incorporated herein by reference to Item 5.02(c) below.

02(c) – Appointment of Tim Foote as Chief Financial Officer and Jay Chai as Chief Accounting Officer

Item 5.02(c) – Appointment of Tim Foote as Chief Financial Officer and Jay Chai as Chief Accounting Officer Steve Rai, the Company's Chief Financial Officer ("CFO"), intends to leave the Company to pursue other opportunities and the Board of Directors of the Company has appointed Tim Foote, age 44, to replace Mr. Rai as CFO with effect as of July 29, 2024. Mr. Rai will remain with the Company as Advisor to the Chief Executive Officer until September 30, 2024 to provide transition support. Mr. Foote has served as the Chief Financial Officer of the Company's Cybersecurity division since February 2024 and as the Company's Vice President of Investor Relations since July 2020. He joined the Company in 2015 in connection with its acquisition of Good Technology and has more than 20 years of experience in financial leadership positions. Mr. Foote holds a Master of Business Administration degree from Imperial College Business School and is a Chartered Accountant. In connection with his promotion, Mr. Foote entered into an executive employment agreement on the Company's standard form on July 26, 2024, a copy of which is filed as Exhibit 10.1 hereto. Under the agreement, his annual base salary will increase to US$400,000 and his annual bonus target will increase to 75% of his annual base salary. Mr. Foote will also receive an award of restricted share units ("RSUs") under the Company's Equity Incentive Plan with a grant value of US$800,000, 50% of which will vest in equal annual installments over three years and 50% of which will vest in whole, in part or not at all based on the achievement of performance-based targets aligned with the Company's long-term equity incentive program. Mr. Foote will also be eligible to participate in the Company's benefits as may be offered from time to time to other similarly-situated executives. The Company has also appointed Jay Chai, age 47, to the newly-created role of Senior Vice President and Chief Accounting Officer ("CAO") with ef

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits Exhibit Number Description 10.1 Employment Agreement dated July 26, 2024 99.1 BlackBerry Limited press release dated July 29 , 2024 104 Cover page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL Document

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. BlackBerry Limited Date: July 29, 2024 By: /s/ Tim Foote Name: Tim Foote Title: Chief Financial Officer

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