BlackBerry abandons sale plans, will replace CEO

Abandoning the proposal to sell itself, BlackBerry has planned to raise $1 billion from institutional investors, including its largest shareholder, with a private placement of convertible debentures. Moreover, John S. Chen will replace Thorsten Heins as the new CEO. In late September, Fairfax (BlackBerry's largest shareholder) had announced a tentative $9-a-share offer for the Waterloo, Ontario-based company.