BlackBerry CEO Chen is retiring and Director Lynch is taking over as interim leader

Oct 30 (Reuters) – BlackBerry (BB.TO) CEO John Chen will retire at the end of the week after 10 years at the helm of the Canadian technology company, where he led the transformation of one Hardware and device company to a company focused on technology companies monitored enterprise software.

The company on Monday named Richard Lynch, a BlackBerry executive, as interim CEO and is looking for a permanent replacement.

Chen will also relinquish his responsibilities as CEO and Lynch will succeed him in the position.

The company’s U.S.-listed shares closed up 6.5% after Global and Mail reported Chen’s departure during late afternoon trading hours.

Chen, 68, joined BlackBerry in November 2013.

BlackBerry, once known for its full-keyboard business phones, experienced a slump in business following the launch of Apple’s iPhone in 2007 and the rapid proliferation of Android-based smartphones at the time.

Since then, the company has focused on cybersecurity, in-car software and Internet of Things (IoT) applications.

Earlier this month, the company said it would separate its IoT and cybersecurity businesses and seek an IPO of its IoT business subsidiary in the next fiscal year.

Last year, the company shut down its smartphone business and has since been trying to sell its old patents related to its mobile devices.

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