BlackBerry Appoints Philip Brace to its Board of Directors

Rhea-AI Summary

BlackBerry Limited has appointed IoT technology veteran Philip Brace to its board of directors while announcing the resignation of Director Prem Watsa. Brace brings extensive knowledge and experience in IoT and related technologies, having served as President and CEO of Sierra Wireless Inc. His appointment comes at a pivotal time as BlackBerry undergoes significant changes, separating and rightsizing its business into two standalone divisions. This announcement coincides with Watsa's resignation due to the Company's repayment of $150 million principal amount convertible debentures held by affiliates of Fairfax Financial Holdings Limited, where Watsa serves as Chairman and CEO.

Positive

• Appointment of Philip Brace, an IoT technology veteran, to the BlackBerry board of directors
• Brace's extensive background in IoT, semiconductor, server, and storage industries, with a successful track record at Sierra Wireless Inc.
• BlackBerry undergoing significant changes and rightsizing its business into two standalone divisions
• Watsa's resignation due to the Company's repayment of $150 million principal amount convertible debentures

Negative

• None.

Director Prem Watsa to resign from Board

WATERLOO, ON, Feb. 8, 2024 /PRNewswire/ -- BlackBerry Limited (NYSE: BB; TSX: BB) announced today that it has appointed IoT technology veteran Philip Brace to its board of directors, effective February 8, 2024.  Mr. Brace will serve as a member of the Compensation, Nomination and Governance Committee of the Board. 

"We are delighted to welcome Phil to the BlackBerry board," said Dick Lynch, Board Chair. "Phil brings deep business acumen and a wealth of relevant experience in many areas of technology, including IoT, one of BlackBerry's principal target markets."

"BlackBerry is currently undergoing significant change as we both separate and rightsize our business into two standalone divisions.  Having Phil join our board adds extensive knowledge to assist in guiding us through this process and beyond," said John J. Giamatteo, BlackBerry CEO. "Phil's expertise in some of BlackBerry's key markets will greatly benefit the entire organization."

Mr. Brace added, "I'm excited to join the BlackBerry Board of Directors at such a pivotal time in the Company's history.  BlackBerry's technology and market position provides significant opportunities to help enhance value for our customers and shareholders."

Mr. Brace has an extensive background in the IoT, semiconductor, server and storage industries. His roles over the past 3 decades include a wide array of functions, including software, hardware, engineering, marketing, and sales. Most recently, from July 2021 to January 2023, Mr. Brace served as President and CEO of leading Canadian wireless communications designer, Sierra Wireless Inc., where he led the company through operational improvements that increased profits by more than 100 percent and grew revenue by more than 40 percent, culminating in a successful acquisition by Semtech Corporation.  Prior to this, Mr. Brace served as Executive Vice President at Veritas Technologies, President of Seagate Technology's Cloud Systems and Electronic Solutions, Executive Vice President at LSI Corporation, and General Manager at Intel Corporation.

Mr. Brace holds a Bachelor of Applied Science degree in Computer Engineering from the University of Waterloo and a Master's degree in Electrical Engineering from California State University, Sacramento. He has also participated in the Stanford University Directors' Consortium.  Mr. Brace is also a member of the Board of Directors at Lantronix Inc. and Inseego Corp.

Resignation of Director Prem Watsa

BlackBerry also announced that Prem Watsa has decided to resign from the BlackBerry Board of Directors as of February 15, 2024, in connection with the Company's repayment at maturity of its $150 million principal amount convertible debentures held by affiliates of Fairfax Financial Holdings Limited, of which Mr. Watsa is Chairman and CEO.  Mr. Watsa has served as a director of the Company since November 2013 and was a member of the Compensation, Nomination and Governance Committee of the Board of Directors. He also previously served as a director of the Company from January 2012 to August 2013. 

"BlackBerry and its Board thanks Prem for his many years of support and contributions to the company.  We have seen enormous change in our business during Prem's time on the Board and are appreciative of all that he has done to help with those achievements," said Mr. Lynch.

Mr. Watsa noted, "It's been a privilege to serve an iconic Canadian company like BlackBerry.  I am excited about its future and wish the company and its Board success as it executes on its strategy."

Following the appointment of Mr. Brace and the resignation of Mr. Watsa, the Board will have 7 members, 6 of whom are independent directors. 

About BlackBerry

BlackBerry (NYSE: BB; TSX: BB) provides intelligent security software and services to enterprises and governments around the world. The company's software powers over 235M vehicles. Based in Waterloo, Ontario, the company leverages AI and machine learning to deliver innovative solutions in the areas of cybersecurity, safety and data privacy, and is a leader in the areas of endpoint security management, encryption, and embedded systems. BlackBerry's vision is clear - to secure a connected future you can trust.

BlackBerry. Intelligent Security. Everywhere.
For more information, visit BlackBerry.com and follow @BlackBerry.

Investor Contact:
BlackBerry Investor Relations
+1 (519) 888-7465
investorrelations@blackberry.com

Media Contact:
BlackBerry Media Relations
+1 (519) 597-7273
mediarelations@blackBerry.com

 

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SOURCE BlackBerry Limited

FAQ

Who is the newly appointed member of the BlackBerry Board of Directors?

Philip Brace, an IoT technology veteran, has been appointed to the BlackBerry board of directors.

What is the reason for Prem Watsa's resignation from the BlackBerry Board of Directors?

Prem Watsa decided to resign from the BlackBerry Board of Directors in connection with the Company's repayment at maturity of its $150 million principal amount convertible debentures held by affiliates of Fairfax Financial Holdings Limited, of which Mr. Watsa is Chairman and CEO.

What significant changes are happening at BlackBerry that were mentioned in the PR?

BlackBerry is undergoing significant changes as it separates and rightsizes its business into two standalone divisions.

What is the ticker symbol for BlackBerry Limited?

The ticker symbol for BlackBerry Limited is BB.