BlackBerry chief seeks patience with turnaround (Update)

Jul 09, 2013
A Canadian flag flies at BlackBerry's headquarters in Waterloo, Ont., Tuesday, July 9, 2013. Research In Motion has won formal approval to change its name to BlackBerry. The Canadian company announced plans for the name change in January, when it unveiled new phones running a revamped operating system called BlackBerry 10. The company hopes the new devices will be more competitive with iPhones and Android devices. (AP Photo/The Canadian Press, Geoff Robins)

Research In Motion CEO Thorsten Heins pleaded for patience Tuesday as the company faces questions about its growth and survival.

BlackBerry shares were hammered last month after the company's financial results fell short of expectations. Heins told shareholders that BlackBerry is in the second stage of its turnaround. Stage three, he said, includes profitability.

"We are still in the midst of a major, complex transition of this company, and like most of these transformations ... progress can be volatile," Heins said at the Canadian company's annual meeting.

The stock rose 9 cents, or nearly 1 percent, to close Tuesday at $9.64.

The company also won formal approval to change its name to BlackBerry. It announced plans for the name change in January, when it unveiled new phones running a revamped operating system called BlackBerry 10. The company hopes the new devices will be more competitive with iPhones and Android devices.

Since January, Research In Motion Ltd. has been going by BlackBerry in marketing materials. It has also changed its ticker symbol to "BBRY." But a legal name change required shareholders' approval at Tuesday's annual meeting.

Investors generally took an optimistic tone at the event. While some shareholders used the opportunity at last year's meeting to express their concern over the company's future, this year a few took to the microphones to express their hope for BlackBerry's future and its significance to Canada.

Activist shareholder Vic Alboini of Jaguar Financial, who has been a vocal critic of the company, even took a moment to tell Heins how pleased he was with the progress so far. But he also reiterated that the company should consider breaking apart its operations to sell them off.

Heins downplayed the option, but didn't rule it out, saying the company needs to be in a stronger position in the market first.

Explore further: Netflix sues Yahoo CIO for alleged kickbacks

not rated yet
add to favorites email to friend print save as pdf

Related Stories

A look at RIM's much-delayed BlackBerry 10

Jul 10, 2012

Research in Motion Ltd. faced disgruntled investors Tuesday, less than two weeks after announcing yet another delay to its upcoming BlackBerry 10 system, which the company considers crucial to its future. It's now expecte ...

A look at RIM's much-delayed BlackBerry 10

Jun 28, 2012

On Thursday, BlackBerry maker Research In Motion Ltd. announced yet another delay to its upcoming BlackBerry 10 system, which the company considers crucial to its future. It's now expected in the first quarter ...

Recommended for you

Netflix sues Yahoo CIO for alleged kickbacks

3 hours ago

Netflix is suing a former company vice president who is now chief information officer at Yahoo, accusing him of receiving money from vendors he hired to work with the video streaming company.

BlackBerry courts iPhone users with cash

23 hours ago

Canadian smartphone maker BlackBerry is wooing Apple customers with a cash offer for trade-ins of iPhones for its new square-screened, keyboard-equipped Passport.

HP earnings show continued struggle

Nov 25, 2014

Venerable tech giant Hewlett-Packard has been struggling for three years to turn its business around. Its latest earnings show it still has more work ahead.

Apple market value hits $700 bn

Nov 25, 2014

A rise in Apple shares Tuesday pushed the market value of the trend-setting US tech icon above $700 billion, becoming the first company to hit that milestone.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.