On Monday, BlackBerry confirmed that longtime CEO Thorsen Heins is out as Chief Executive Officer of the Canadian smartphone maker.

As MMi reported earlier this morning, BlackBerry just announced that it has entered into an agreement pursuant to which Fairfax Financial Holdings Limited and other institutional investors will invest in BlackBerry to the tune of $1 billion.

Upon the closing of the transaction, John S. Chen will be appointed Executive Chair of BlackBerry’s Board of Directors and, in that role, will be responsible for the strategic direction, strategic relationships and organizational goals of BlackBerry.
Prem Watsa, Chairman and CEO of Fairfax, will be appointed Lead Director and Chair of the Compensation, Nomination and Governance Committee and Thorsten Heins and David Kerr intend to resign from the Board at closing.

According to details shared in a press release, Heins will step down as Chief Executive Officer at closing and Chen will serve as Interim Chief Executive Officer pending completion of a search for a new Chief Executive Officer.

“Fairfax is a long-time supporter, investor and partner to BlackBerry and, with this investment, reinforces its deep commitment to the future success of this company,” said Watsa. “I look forward to rejoining the BlackBerry Board and to working with the other directors and management team, under John Chen’s leadership, to shape the next stage of BlackBerry’s strategy and growth.”

Source: BlackBerry