The turnaround efforts of John Chen, CEO of BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) received further vote of confidence from a new investor, the Ontario Teachers’ Pension Plan.
According to Bloomberg, the Ontario Teachers’ Pension Fund is now among the top ten shareholders of the Canadian smartphone manufacturer. The retirement fund acquired approximately 7.8 million shares of BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) based on its regulatory filing for the third quarter.
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The Ontario Teachers’ Pension Fund owns 1.6% of the outstanding shares of BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB). Its stake in the company has a market value of approximately $84.5 million based on the closing price of the stock on Thursday.
“Given the multitude of changes that occur quarter to quarter, we don’t discuss individual stock holdings and increases/decreases in positions,” according to Deborah Allan, a spokeswoman for Ontario Teachers’ Pension Plan.
BlackBerry stock gained under Chen’s leadership
Chen took over as CEO of BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) on November last year, when the company was in a very difficult situation. At the time, Fairfax Financial Holdings Ltd (TSE:FFH) its $4.7 billion takeover bid for the company.
BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) improved during Chen’s first year as CEO. He reshaped the company by implementing different strategies such as selling some of its real estate assets, outsourcing manufacturing and concentrating on BlackBerry’s core business.
Mike Walkley, managing director of Canaccord Genuity recentaly stated that Chen did a commendable job in reviving BlackBerry. According to him, Chen’s roadmap for the company’s future is clear.
Over the past year, the Canadian smartphone manufacturer’s stock gained more than 35% in value. BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) closed $10.53 per share, up by 2.53% in New York on Friday, November 7.
Bloomberg noted that BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) is poised to beat the NASDAQ Composite Index this year, which will be the first time since 2009.
BlackBerry among the Top Global Innovators for 2014
The Canadian smartphone manufacturer was included in the IP & Thomson Reuters list of Top 100 Global Innovators for 2014. BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) was chosen this year due to its efforts in revitalizing its business, establishing a separate unit to manage its patent portfolio, and the launching of its new smartphone—BlackBerry Passport.