BlackBerry Ltd. chief financial officer Steve Rai has left the company, the latest in a series of high-level exits by loyalists of former chief executive officer John ChenMr. Rai has been replaced by Tim Foote, the chief financial officer of BlackBerry’s cybersecurity division, the company said Monday. Mr. Foote, who has also led investor relations and international finance operations for BlackBerry, joined the Waterloo, Ont.
Mr. Rai, previously corporate controller with PMC-Sierra, joined BlackBerry in 2014 in a similar capacity, a year after John Chen became CEO. At the time BlackBerry was contending with a rapidly dwindling smartphone business and soon began to transform into a pure software company that is today focused on cybersecurity, connected cars and mobile device management for corporations and governments. Mr. Rai became CFO in 2019.
But its stock has also plumbed multi-decade lows as its cybersecurity and connected-car, or internet of things businesses, delivered weaker-than-expected revenues. Last year BlackBerryOther senior executives closely associated with Mr.