Mr. John Giamatteo reports

BLACKBERRY APPOINTS JOHN GIAMATTEO AS CEO

BlackBerry Ltd. has appointed John J. Giamatteo as its new chief executive officer and as a member of its board of directors, effective immediately. Richard (Dick) Lynch, who has served as interim chief executive officer since Nov. 4, 2023, will continue as board chair. The company also announced that it will separate the Internet of Things and cybersecurity businesses, and that they will operate as fully stand-alone divisions. BlackBerry will no longer pursue a subsidiary initial public offering of the IoT business.

Appointment of Mr. Giamatteo as BlackBerry CEO

Mr. Giamatteo has served as the President of BlackBerry's cybersecurity business unit since October, 2021.

Mr. Giamatteo has over 30 years of experience with global technology companies. As president of BlackBerry's cybersecurity business unit, he has driven significant enhancements to the product portfolio, go-to-market strategy and organizational efficiency. Prior to BlackBerry he was president and chief revenue officer at McAfee. Before that, Mr. Giamatteo served as chief operating officer at AVG Technologies, a leading provider of Internet and mobile security. He also held leadership positions with Solera, RealNetworks and Nortel Networks.

"We are delighted to appoint John to the role of CEO for what will be a transformative period in BlackBerry's history, as we work to fully separate our two core business units to drive enhanced shareholder value. His deep industry experience and outstanding track record of inspiring teams and delivering operational excellence means he is strongly positioned to drive this critical transformation of BlackBerry," said Mike Daniels, chair of the compensation, nomination and governance committee of the BlackBerry board.

"I am honoured and excited to lead the next phase of BlackBerry's evolution as its CEO. BlackBerry's IoT and cybersecurity businesses have market-leading technology, exceptional teams and large market opportunities," said Mr. Giamatteo. "The board and I are fully aligned on the next steps needed to unlock the value within BlackBerry, and work on this effort will proceed at full speed. I look forward to working with the entire team to uphold our legacy of innovation and continue providing exceptional service to our customers as we deliver on our goals."

Reassessment of strategic direction

Following a reassessment of the previously announced outcome of Project Imperium, the BlackBerry board has decided to pursue a separation of the IoT and cybersecurity businesses and establish them as stand-alone divisions. The company will no longer pursue a subsidiary initial public offering of its IoT business unit. The process will include the separation and streamlining of BlackBerry's centralized corporate functions into business-unit-specific teams, with a view to each division operating independently and on a profitable and cash-flow-positive basis going forward.

"The board, with input from its advisers, believes that a full separation of BlackBerry's IoT and cybersecurity businesses will open up a number of strategic alternatives that can unlock shareholder value," said Mr. Lynch, board chair, BlackBerry. "Management is focused on moving quickly to complete this reorganization that will further enhance the focus of both businesses on their respective markets as well as their capacity for fast, flexible decision-making."

To assist in the separation and right-sizing process, BlackBerry is in the final stages of selecting a consulting firm to bring expertise and additional resources for an independent, ground-up assessment.

About BlackBerry Ltd.

BlackBerry provides intelligent security software and services to enterprises and governments around the world. The company secures more than 500 million end points, including over 235 million vehicles. Based in Waterloo, Ont., the company leverages artificial intelligence and machine learning to deliver innovative solutions in the areas of cybersecurity, safety and data privacy solutions, and is a leader in the areas of end point security, end point management, encryption and embedded systems. BlackBerry's vision is clear -- to secure a connected future you can trust.

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