Stock market today: S&P 500 climbs as health care, tech gain; Nvidia earnings loom
BlackBerry Ltd (NYSE:BB), whose stock has surged over 140% in the past six months and recently hit new 52-week highs, announced today that board member Michael A. Daniels will retire from his position effective February 15, 2025. According to the company’s recent 8-K filing with the Securities and Exchange Commission, Daniels’ departure is not due to any disagreements with BlackBerry’s operations, policies, or practices.
Daniels has been a part of BlackBerry’s board since 2014, contributing significantly to the company’s governance. His tenure included serving as the Chair of the Compensation, Nomination, and Governance Committee from 2021 to 2024. BlackBerry expressed gratitude for Daniels’ years of service and his contributions to the board’s evolution during a period of significant change for the company.
The announcement comes as BlackBerry continues to navigate the competitive prepackaged software industry, where it has been working to redefine its position following a storied history in the smartphone market. While currently operating with moderate debt levels and maintaining a healthy current ratio of 1.37, the company has yet to achieve profitability in the last twelve months. However, according to InvestingPro data, analysts expect BlackBerry to return to profitability this fiscal year. The company, which transitioned from Research In Motion Ltd , has been focusing on software and services in recent years.[Get access to 12 more exclusive InvestingPro Tips and comprehensive analysis for BlackBerry and 1,400+ other stocks through the Pro Research Report, available on InvestingPro.]
BlackBerry’s securities are traded on both the New York Stock Exchange and the Toronto Stock Exchange under the ticker symbol BB, with the stock currently trading above its InvestingPro Fair Value estimate. The company’s principal executive offices are located at 2200 University Ave East, Waterloo, Ontario, Canada.
The information regarding Daniels’ retirement and the associated corporate governance details are based on the press release statement filed with the SEC. This announcement does not reflect any broader strategic shifts within BlackBerry and does not imply any immediate changes to the company’s executive team beyond the board of directors’ composition.
Investors and industry watchers will be looking to see how BlackBerry fills the vacancy left by Daniels and whether this will signal any new directions in the company’s governance or strategic initiatives.
In other recent news, BlackBerry Limited has disclosed the departure of Jay Chai, the Senior Vice President and Chief Accounting Officer, effective January 31, 2025. This development comes amid BlackBerry’s announcement of a significant rebranding effort for its IoT division, now renamed QNX, to strengthen its position in the automotive and embedded software markets. In addition, BlackBerry’s QNX division has teamed up with Microsoft (NASDAQ:MSFT) to expedite the development of Software-Defined Vehicles (SDVs). This collaboration aims to integrate the QNX® Software (ETR:SOWGn) Development Platform (SDP) 8.0 with Microsoft Azure. Meanwhile, RBC Capital Markets has maintained a Sector Perform rating on BlackBerry’s stock, adjusting the price target to $4.00, up from the previous $3.25. This adjustment follows a meeting with BlackBerry’s management and is based on the improving fundamentals of QNX and the potential sale of BlackBerry’s Secure Communications unit. These are among the recent developments regarding BlackBerry.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.