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BlackBerry founder decides not to takeover the company

News by Andrew Kameka on Thursday December 26, 2013.

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BlackBerry Co-Founder and former CEO Mike Lazaridis said earlier this year that he wanted to resume ownership of the company and lead an investment group to purchase BlackBerry, but he has abandoned that plan and revealed that he has a low ownership stake in the company formerly known as RIM. Lazaridis revealed that he now owns 4.99 percent of BlackBerry and will not join with co-founder Douglas Fregin in attempt to takeover the company they started in 1984.

Lazaridis left his role as BlackBerry co-CEO in 2012 after the company spent several years in decline because of commercial duds and falling market share during the rise of Apple iOS and Google Android. When his successor Thorsten Heins announced that BlackBerry would put itself up for sale, Lazaridis wanted to purchase the remaining 92 percent of stock that wasn't owned by himself and Fregin. According to a regulatory filing by Lazaridis, that plan has been abandoned.

BlackBerry is now under the leadership of CEO John Chen, who has stated the struggling phone manufacturer and enterprise service provider is no longer for sale. BlackBerry reported a $4.4 billion loss in its most recent quarter.

source: Wall Street Journal

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Andrew Kameka
Andrew is based in Miami, Florida.

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