BlackBerry abandons sale process, CEO out

SAN JOSE, CA - SEPTEMBER 25: Research in Motion (RIM) CEO Thorsten Heins speaks during the BlackBerry Jam 2012 conference at the San Jose Convention Center on September 25, 2012 in San Jose, California. RIM CEO Thorsten Heins kicked off the three-day BlackBerry Jam 2012 conference with a look at the new BlackBerry 10 opereating system. The conference runs through September 27. (Photo by Justin Sullivan/Getty Images)
Justin Sullivan

TORONTO BlackBerry (BBRY) is abandoning its sale process, and will replace its chief executive.

Fairfax, BlackBerry's largest shareholder with a 10 percent stake, said Monday it won't buy the entire company but it and other investors will inject $1 billion as part of a revised investment proposal.

BlackBerry says CEO Thorsten Heins is stepping down.

Fairfax head Prem Watsa will be appointed lead director of the board.