BlackBerry hires Steven Capelli as the company’s new CFO

BlackBerry’s fiscal Q2 2017 earnings were not pretty. Not only did the company announce a $372 million net loss on $334 in quarterly revenues, it also announced the decision to “end all internal hardware development,” revealing plans to continue outsourcing the manufacturing of its smartphones.

BlackBerry has $2.5 billion in cash and investments on hand and to ensure the company continues to be on stable ground, it’s brought on Steven Capelli as its new chief financial officer. Capelli was previously president of worldwide field operations at Sybase. His role at BlackBerry will involve handling the company’s corporate accounting, FP&A, treasury, tax, procurement and investor relations teams.

Outgoing CFO James Yersh is leaving the company ‘for personal reasons’ but will stay on board until October 31st to assist with the transition.

“I am pleased to welcome Steve Capelli as our new chief financial officer,” said CEO John Chen. “Steve is a highly experienced and respected financial expert and a strong business partner. He served in various roles at both Pyramid and Sybase for several years and reported directly to me during my service as the CEO of those companies. I look forward to the many contributions he will make toward driving value for BlackBerry shareholders as we continue to focus on end-to-end mobility solutions and enterprise software.”

[source]Market Wired[/source]