Boston, MA 12/17/2013 (wallstreetpr) – BlackBerry Ltd (NASDAQ:BBRY), the manufacturer of wireless solutions for mobile communications market, has seen the exit of 2 more of its senior executives. The executive vice-president of global sales, Rick Costanzo and the head of mergers & acquisitions, Chris Wormald are leaving the company. A few weeks ago, the Chief Executive Officer of the company, John Chen ousted Kristian Tear, the Chief Operating Officer, Brian Bidulka, the Chief Financial Officer and Frank Boulben, the Chief Marketing Officer of the company.
A press release also revealed that Mark Cameron, former director of global public policy of BlackBerry has also decided to leave the company and join Hill+Knowlton Strategies, the public affairs and public relations firm of Canada in January.
Further Inventory Charges
The company had stated that after its deal with FaixFax Holdings has fallen apart, it is no longer for sale. Most of the investors are now concentrating on the Q3 earnings of the company. However, analysts expect almost every metric of the company to deteriorate. By the end of the year 2014, the company is expected to run out of cash. The sales of BB10 smart phones (poor) will result in the decline of revenue and can result into inventory write-offs.
The new CEO is not able to attract customers. He has not told much about his turnaround strategy. However, he sent a letter to the corporate clients that the company will now focus on its core enterprise business.
Company Can’t Even Shut Down!
If BlackBerry Ltd (NASDAQ:BBRY) decides to shut down its business, it will cost the company more than it has. The company has $2.6 billion in cash and $1 billion that it raised through its convertible bonds. However, the shutting down of entire business will cost about $4 billion. The company would be forced to announce further write-downs, as the demand for all its smart phones is weak.
