|By Shelly Palmer||
|November 4, 2013 04:24 PM EST||
BlackBerry is giving up its effort to sell itself to a large investor, and will replace CEO Thorsten Heins, the company said on Monday. The company said that, rather than bid for it, Fairfax Financial will lead a group of investors pouring $1 billion into the troubled handset maker, with Fairfax CEO Prem Watsa becoming lead director. Former Sybase CEO John Chen will serve as interim CEO and executive chairman once the investment is completed, which BlackBerry said should be within the next two weeks. The investment will come in the form of a debt sale, BlackBerry said, with Fairfax itself putting $250 million into the company. “Today’s announcement represents a significant vote of confidence in BlackBerry and its future by this group of preeminent, long-term investors,” current BlackBerry chair Barbara Stymiest said in a statement.
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