The charismatic CEO of BlackBerry has today stepped down from his position at the top of the ailing company.
Thorsten Heins, who took up the position in 2012, will be replaced on a temporary basis by John Chen after Heins failed to get the dwindling firm back on track.
It was also announced that BlackBerry is set to abandon any buy outs by its shareholders. Only a few months ago BlackBerry revealed that it was considering a bailout by Fairfax Financial Holdings for $4.7bn.
Instead, BlackBerry will attempt to raise $1bn (£627m) in order to get the company back on track. Fairfax Financial Holdings, which currently owns 10% of BlackBerry, is said to be contributing $250m towards the cause.
Speaking of the company’s future, Chen, the interim chief executive stated: “Blackberry is an iconic brand with enormous potential - but it's going to take time, discipline and tough decisions to reclaim our success."
Despite BlackBerry’s former domination of the smartphone market, the company has struggled over the past few years amidst the rise in competitors such as Samsung and Apple.
It was hoped that the BlackBerry Z10, which was launched at the beginning of this year, would turn BlackBerry’s fortunes around, though it was later reported that the device had inflicted a $965m net loss for the company.