BlackBerry Ltd Board Member Nordberg Stepping Down

BlackBerry Ltd Board Member Nordberg Stepping Down
<a href="">user1462590383</a> / Pixabay

BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) disclosed that its board member Bert Nordberg will not seek re-election during its upcoming annual meeting (on June 19) in its regulatory filing with the Securities and Exchange Commission (SEC).

Nordberg joined the board of directors of BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) in February last year. He was a member of the committee of the board responsible in seeking strategic alternatives for the Canadian smartphone manufacturer including a possible sale or going private.

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Nordberg believed BlackBerry would become a niche player

In a previous interview with the Wall Street Journal, Nordberg stated that there were subsets of BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) that needs to be sold, and he expressed confidence that the company will be able to survive as a “niche player.”

Nordberg previously served as president and CEO of Sony Ericsson. He also served as executive vice president of Ericsson S.P.A. During his tenure at Sony Ericsson, he eliminated the company’s presence in the low-end market for basic phones and focused the company’s efforts on smartphones powered by the Android operating system. He is currently serving as independent chairman of the board of Vestas Wind Systems A/S (CPH:VWS), a company based in Denmark engaged in the wind power industry.

BlackBerry nominates six directors

According to the Canadian smartphone manufacturer, its board has fixed the number of directors for re-election during the annual meeting to six. BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) said all its proposed nominees are currently serving as directors of the company.

CEO John Chen, who is serving as non-independent director since joining in November 2013; Timothy Dattel, independent director since July 2012 and a senior partner at TPG Capital; Claudia Kothchka, independent director since July 2011 and serving as independent consultant to Fortune 500 companies; Richard Lynch, independent director since February 2013 and serving as president of FB Associates, LLC; Barbara Stymiest; independent director since March 2007 and currently serving as director of George Weston Limited and other companies; Prem Watsa, independent lead director and the chairman and CEO of Fairfax Financial Holdings Ltd (TSE:FFH).

BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) said each of the directors that will be elected during the annual meeting will serve until the next annual meeting or until a successor is duly appointed or elected.

The Canadian smartphone manufacturer also indicated its intention to increase the membership of its board by adding two qualified directors for the current fiscal year.

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