The Globe and Mail reports in its Tuesday edition that BlackBerry has promoted cybersecurity president John Giamatteo to replace recently departed chief executive officer John Chen and killed plans to spin off its connected car software business into a separate public company. The Globe's Sean Silcoff writes that the assignment, announced Monday, is likely to be transitional in nature for Mr. Giamatteo, who joined the Waterloo, Ont., company in October, 2021. BlackBerry now plans to restructure its two business units into stand-alone entities in a way that suggests it is preparing to sell one outright. Mr. Giamatteo will keep his job running the cybersecurity business in addition to his CEO duties. Under the new scheme, the board has ditched plans for an initial public offering next spring that would have seen it float 20 per cent to 30 per cent of its other Internet-of-things (IoT) unit, which sells connected car software. The earlier plan came out of a board-approved strategic review announced two months ago, weeks before Mr. Chen departed BlackBerry after 10 years as CEO. However, a recent spate of underwhelming technology IPOs suggests investor enthusiasm for new issues could remain muted well into 2024.