Chen, who was also the executive chairman of the company’s board, is retiring from his role at BlackBerry on Saturday. The company notes this comes with the end of his contract after completing the Project Imperium evaluation.
With Chen’s departure, Richard Lynch is taking over as the next executive chairman of Blackberry. He’s also going to lead the company as its interim CEO while it conducts a search for a permanent replacement. Lynch has been with BB since 2013 and has held several executive positions over the course of his career.
Prem Watsa, lead director of the BlackBerry Board, said the following about Lynch taking over:
“With his deep industry experience and strong leadership track record, Dick is well-positioned to continue advancing our strategy with the Board’s ongoing support and insight.”
BB Stock Movement Today?
BB stock is falling on Tuesday as investors react to the departure of its CEO. This has the company’s shares down 5.9% as of this writing. That comes with some 1.4 million shares traded, as compared to its daily average trading volume of 6.3 million shares.
Investors looking for even more of the most recent stock market stories will want to stick around!
We’re offering up all of the hottest stock market news that traders need to know about on Tuesday! That includes everything happening with Pinterest (NYSE:PINS), Sarepta Therapeutics (NASDAQ:SRPT) and Lyft (NASDAQ:LYFT) stock today. You can catch up on all of these matters at the following links!
More Tuesday Stock Market News
- Pinterest (PINS) Stock Looks Red Hot After Earnings. Is It Time to Buy?
- Why Is Sarepta Therapeutics (SRPT) Stock Down 47% Today?
- LYFT Stock Alert: This Analyst Is Souring on Lyft
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.