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