BUSINESS

BlackBerry abandons sale process, chief executive will be replaced

11/04/2013 09:00 EST | Updated 01/23/2014 10:52 EST
TORONTO - BlackBerry is abandoning its sale process, and will replace its chief executive.

Fairfax, BlackBerry's largest shareholder with a 10 per cent stake, said Monday it won't buy the entire company but it and other investors will inject $1 billion as part of a revised investment proposal.

BlackBerry says CEO Thorsten Heins is stepping down.

Fairfax head Prem Watsa will be appointed lead director of the board.