BlackBerry names insider as CEO, abandons IPO plans for IoT business

Canada’s BlackBerry on Monday appointed the head of its cybersecurity unit, John Giamatteo, as chief executive officer and shelved a plan to spin off its Internet of Things (IoT) business.

After months of considering strategic options for its businesses, the company said in October it would separate its IoT and cybersecurity divisions and target a subsidiary initial public offering for the former next fiscal year.

However, BlackBerry said on Monday it would now only separate the two businesses following a reassessment of that decision.