- BlackBerry Canada announced on Monday that Tim Foote will immediately replace Steve Rai as chief financial officer.
- Foote said BlackBerry has made great progress in building its Internet of Things (IoT) and cybersecurity divisions as well as becoming profitable.
OUR TAKE
BlackBerry’s mobile phone business did not lag behind, decisively transformed, and committed to the development of the Internet security field. Recent financial data show that BlackBerry’s total revenue in 2023 reached $853 million, an increase of 30.03%, network security business accounted for nearly 70%, and Internet of Things security has gradually become the company’s main business.
–Zora Lin, BTW reporter
What happened
BlackBerry Canada announced on Monday that Tim Foote will immediately replace Steve Rai as chief financial officer. The cybersecurity company is looking to separate its Internet of Things (IoT) and cybersecurity businesses.
Foote has worked at Yahoo for nearly a decade, most recently as chief financial officer of the cybersecurity division. “BlackBerry has made tremendous progress in establishing two separate divisions and becoming profitable,” Foote said.
BlackBerry said Rai would be leaving the company to pursue other opportunities outside of the company. Rai has served as Chief Financial Officer since 2019.
The company said in June that it expects second-quarter revenue for its cyber security unit to be between $82 million and $86 million.
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Why it’s important
BlackBerry’s appointment of Tim Foote as Chief Financial Officer signifies a strategic shift in management and direction. Foote’s extensive background, especially as CFO of Yahoo’s cybersecurity division, is expected to bring a fresh perspective and valuable expertise to BlackBerry.
This change also highlights the company’s focus on refining its strategy, particularly through the planned separation of the IoT and cybersecurity businesses. This move is intended to enhance operational focus and efficiency.
Additionally, BlackBerry’s forecast for its cybersecurity division, expecting revenue between $82 million and $86 million in the second quarter, underscores the company’s robust growth in this sector. These financial expectations not only reflect BlackBerry’s strong market position but also indicate ongoing demand for its cybersecurity products and services.
