BlackBerry Ltd., maker of smartphones, recently announced the departure of three of the company’s top executives. The company is restructuring in an attempt to shift away from the consumer market and boost sales in the business market instead.
Among the three executives departing are Chief Financial Officer, Brian Bidulka; Chief Operating Officer, Kristian Tear; and Chief Marketing Officer, Frank Boulben. New Chief Executive Officer, John Chen will take over.
BlackBerry’s restructuring comes after a failed attempt at gaining a greater consumer base with the Z10 smartphone. The Z10 debuted in the United Kingdom and Canada, but did not become available in the United States until months after its launch.
Now, BlackBerry has $934 million in unsold inventory. BlackBerry stock has dropped 47 percent in 2013 and is more than 95 percent below its all-time high in 2008.With iPhones and Androids sweeping the smartphone market, it will be a challenging endeavor for the, somewhat, antiquated BlackBerry to make a comeback.