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The smartphone maker formerly known as Research in Motion is once again shaking things up as dreams of a buyout die amidst a new $1 billion injection of cash and the departure of its current CEO.
The Globe and Mail reported Monday that BlackBerry Ltd. has abandoned its great white hope of a buyout, instead choosing to again shake up the executive ranks as the company raises a new round of cash.
Following an exhaustive two and a half month search for a buyer which included a $4.7 billion letter of intent from Fairfax Financial Holdings Ltd. which just so happened to lapse today without a purchase, BlackBerry's board of directors have announced yet another shift in direction.
Chief Executive Officer Thorsten Heins is out after barely two years on the job, a position that will be filled in the short term by Chairman of the Board John Chen. Heins ascended to the rank of CEO following the departure of Mike Lazaridis and Jim Balsillie, the executives who steered the ship from its greatest success into troubled waters since the 2007 debut of the iPhone.
Instead of selling BlackBerry outright, the board of directors instead chose to raise $1 billion by "selling convertible notes to a group of investors," according to sources with knowledge of the company's plans.
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