BlackBerry abandons sell-off plans, appoints new boss

Sacked BlackBerry boss Thorsten Heins pictured at the launch of the Z10 February. Credit: DPA

Struggling smartphone maker BlackBerry has abandoned plans to sell the business and ditched chief executive Thorsten Heins after nearly two years at the helm.

Shares plunged as the company announced that instead of finding new buyers, largest shareholder Fairfax and other investors would inject a billion US dollars (£627 million) into the firm.

John Chen, former boss of technology firm Sybase, was named interim chief executive to replace Mr Heins and immediately admitted that the once pioneering business faced tough challenges.

He said: "BlackBerry is an iconic brand with enormous potential - but it's going to take time, discipline and tough decisions to reclaim our success."

The firm recently revealed second quarter losses of 965 million US dollars (£605 million).