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BlackBerry abandons sale process, CEO out

TORONTO (AP) - BlackBerry is abandoning its sale process, and will replace its chief executive.

Fairfax, BlackBerry's largest shareholder with a 10 percent stake, said Monday it won't buy the entire company but it and other investors will inject $1 billion as part of a revised investment proposal.

BlackBerry says CEO Thorsten Heins is stepping down.

Fairfax head Prem Watsa will be appointed lead director of the board.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


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