Former BlackBerry CEO dumps entire stake in company

Jim Balsillie, ex-CEO of BlackBerry, has dumped his entire 26.8 million share stake in the company for around $362 million, it has been revealed today. Balsillie was co-CEO - with Mike Lazaridis - up until last March, when he was asked to step down due to BlackBerry's plummeting stock price and lack of innovation in key areas such as tablets and smartphones.

Current CEO Thorsten Heins took the reigns and introduced the BlackBerry Z10, Q10 and BlackBerry 10 OS earlier in February. The Z10 was met with mediocre reviews, with many saying that it simply wasn't far enough ahead of Apple's iPhone, or Samsung's Galaxy S3 to compete. BB10 - BlackBerry's take on a "modern" smartphone OS - met with some praise of it's unique interface, but also with criticism of it's lack of apps and general deficiencies, such as the lack of home screen widgets. 

Many are predicting that BlackBerry's new devices - the Z10, which includes a full touchscreen; and the Q10, which includes a keyboard/touchscreen combo - will not sell well. Add to that the decline in BlackBerry's usage among enterprise professionals and you have a very bleak picture

Mike Lazaridis, who was co-CEO with Jim Balsillie, now serves as BlackBerry's vice chairman and owns 29.9 million shares, thought to be worth around $403 million. 

BlackBerry's share price has since risen to $15.07. 

Source: CNET


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Not surprising to see a biased story like this from CNET which is then posted here.

Edited by matt4pack, Feb 15 2013, 12:14am :

That may be a reason, but it also may not. If you have that volume of BlackBerry shares, you're more than likely to keep them and make some money. BB's share price is dropping rapidly, so he sold.

Right... nothing better than an uneducated guess...

Eric Schmidt sold nearly half of his Google stock just less than a week ago... darn... Google must be going bust soon....

Someone needs to start reading the whole paper before quoting rubbish...

Schmidt's decision to dump the stock may well have been driven by Samsung's decision to "de-emphasise" Android later this year. If so then it's insider trading.