Former BlackBerry boss sells off his entire stake in the company

New smartphone: the BlackBerry Z10
New smartphone: the BlackBerry Z10

Shares in BlackBerry fell last night as former co-chief executive officer, Jim Balsillie, sold off his sizeable stake in the company just weeks after the troubled mobile firm launched its big comeback.

Balsillie held 26.8 million shares in BlackBerry, formerly Research in Motion, after he stepped down stepped down as CEO a year ago, when he was replaced by Thorsten Heins.

The news sent shares in BlackBerry down 3.4% to $13.52 (£8.71) in early trading on the Nasdaq. Shares in the Canadian firm also fell in Toronto by 3.5% to C$13.51 (£8.69).

The dumping of such a large stake by Balsillie, who was one of the largest individual shareholders in BlackBerry, is unlikely to inspire confidence in the firm that badly needs its new BlackBerry 10 operating system and Z10 phone to be a hit.

Balsillie had run BlackBerry with fellow former co-CEO Mike Lazaridis who is still at the company as vice-chairman. The pair stepped aside for Heins after shareholder criticism over the future direction of the company.

Some have praised the BlackBerry's new Z10 smartphone, which has received mixed reviews, but it faces a tough battle as it attempts to take on Apple and Samsung.

Discussion

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus
Brand Republic Jobs

subscribe now

Latest

Adidas agrees £750m kit deal with Manchester United
Cloud Atlas author David Mitchell writes new novel just for Twitter
Adidas and Nike both claim real-time World Cup marketing success
TfL targets road rage with emotive campaign
Premier League rolls back into town with moody BT Sport ad
Amazon asks permission to trial Prime Air drone delivery service
Brands celebrate Germany's World Cup triumph
Morrisons' pun-tastic ads show off new London delivery service
Ex-Thomas Cook marketer Mike Hoban resurfaces at Morrisons
Barbour creates real-time illustrations of consumers' stories for summer campaign
Viral review: Samsung goes for Apple’s jugular but fails to connect
View from Brazil: why we didn't believe we could lose the World Cup
Heineken unveils ‘Open Your City’ drive with Metro for ‘men of the world’
Unilever continues portfolio 'reshaping' with Slim-Fast sale
Amazon to fight US authorities over in-app purchase claims
Google set to invest $100m in Europe's tech start-ups
Metcalfe's set to release quirky debut TV ad
Samsung pities the iPhone 'wall huggers'
Smirnoff campaign aims to make Formula One less elitist
Apple wins EU battle to register store layout as trademark
Marketing directors need to step outside 'marketing box' to earn seat on the board
Hottest virals: Burger King’s emotional gay pride Whopper ad, plus Apple and Guinness
Developer creates software enabling Google Glass mind-control
Kick-ass girl beats up shopping centre staff in music video
Top 10 ads of the week: Aldi's World Cup cider ad scores with consumers
Sony relives Germany's 7-1 victory against Brazil in Subbuteo Vine
Burberry credits 9% revenue hike on strong online sales and 'more targeted marketing'
Ritz returns to UK TV screens after 30-year hiatus
Mars creates chief health and wellbeing officer role
Brands make the most of Germany's dramatic victory over Brazil