BlackBerry: A CEO Who Never Showed Up
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On January 24th, Newly appointed CEO Thorsten Heins of BlackBerry told us to expect "no seismic changes". But We Did Hope For A Turnaround, Not A Death Spiral. Nor did we anticipate a to masquerade as a cost cutting COO. Of a new CEO, we of course, expected new leadership. Instead we got a person who raised a lot of cash to attract a potential buyer. Who as it turns out is a former board member with access to insider information who resigned last month (August 2013).
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BlackBerry: A CEO Who Never Showed Up
- 1. Expect no “seismic changes” Newly appointed CEO Thorsten Heins January 24th, 2012
- 2. -‐200% -‐150% -‐100% -‐50% 0% 50% 2009 2010 2011 2012 2013 2014 BlackBerry Net Income Growth 0 1,000 2,000 3,000 4,000 5,000 6,000 F1Q12 F2Q12 F3Q12 F4Q12 F1Q13 F2Q13 F3Q13 F4Q13 F1Q14 BlackBerry Revenue (M) Heins -‐ CEO But We Did Hope For A Turnaround, Not A Death Spiral
- 3. 1Q14 +25% And Expected a CEO To Lead, Not Masquerade As A Cost CuTng COO 42% 22% 5% -‐33% FYE10 FYE11 FYE12 FYE13 2014 BlackBerry COGS Growth CEO -‐ Heins
- 4. 0 0.5 1 1.5 2 2.5 3 FYE09 FYE10 FYE11 FYE12 FYE13 FYE14 Blackberry Cash & Short Term Investments CEO -‐ Heins …Who Raised Cash For A PotenZal Buyer …Who Turned Out To Be Board Member Who Resigned In August 2013
- 5. -‐60% -‐40% -‐20% 0% 20% 40% 60% 80% 100% FYE09 FYE10 FYE11 FYE12 FYE13 FYE14 Hardware Revenue Growth -‐60% -‐40% -‐20% 0% 20% 40% 60% 80% 100% FYE09 FYE10 FYE11 FYE12 FYE13 FYE14 Services Revenue Growth -‐60% -‐40% -‐20% 0% 20% 40% 60% 80% 100% FYE09 FYE10 FYE11 FYE12 FYE13 FYE14 BlackBerry Subscriber Growth F1Q14 CEO -‐ Heins And Got Caught Stuffing The Channel With Product Customer’s Didn’t Want
- 6. A CEO Who Will Get Paid An Extra $56Million ….While Nearly 10,000 Other BlackBerry Employees Lost Their Jobs