Oct 7, 2021
Watsa out as head of BlackBerry compensation committee
Alex Ruus discusses BlackBerry
BlackBerry Ltd. has announced a refresh of his board of directors that will see Prem Watsa replaced at the helm of the board’s compensation committee.
The Fairfax Financial chief executive officer is being replaced by Michael Daniels, who has served on the committee since 2014. Watsa, however, will remain lead director of BlackBerry’s board and will continue to sit on the compensation committee, the company said.
Additionally, the Waterloo, Ont.-based cybersecurity firm said it has appointed committee member Lisa Disbrow, a former chief financial officer of the U.S. Air Force, as chair of the audit and risk management committee of the board, replacing Barbara Stymiest, who will remain a committee member.
"The rotations we announced today underscore our commitment to strong corporate governance and help to further enhance the Board's independent oversight,” said BlackBerry CEO John Chen, in a release. “We engaged with shareholders in connection with our 2021 Annual General Meeting and have considered their input and perspectives in making these leadership changes."
Amid a broader pullback for the sector, BlackBerry shares are down more than 13 per cent in the past month. The company’s most recent quarterly results revealed its net loss had widened to US$144 million for the three months ended Aug. 31, while revenue fell 32 per cent from one year ago.