BlackBerry CEO: We Are '100% Open' for Partnerships, Alliances - Wall Street Journal

By Will Connors WATERLOO, Ontario--Research In Motion Ltd. (BBRY, BB.T) officially changed its name to BlackBerry Ltd. at its annual shareholders meeting Tuesday, but the company continued to face some of the same tough questions that have dogged management for years, particularly about its poor showing in the U.S. smartphone market. The core business of the meeting, held near company headquarters here, included the previously announced official name change and an announcement that two longtime board members, John Wetmore and former chairman John Richardson, wouldn't seek re-election to the board. Shareholders have punished BlackBerry's stock after it reported weaker than expected earnings last month, and in prepared remarks Chief Executive Thorsten Heins asked shareholders for more patience, saying the company was still in the early stages of its recovery. "We obviously did not dliver what many analysts and investors expected in the short term," Mr. Heins said. "We're driving night and day to deliver improvements." When asked by activist shareholder Vic Alboini of Jaguar Financial Corp. (JGFCF, JFC.T) about the possibility of breaking up or selling the company, Mr. Heins said, "Before you go into any strategic options, I think you have to create value. Currently, I cannot distract management from what I expect them to do." Mr. Heins did say he was "100% open to partnerships and alliances," but declined to elaborate about who those potential partners might be. The meeting wasn't contentious, but unlike last year, when shareholders praised the company and Mr. Heins, they asked more pointed questions about the company's strategy. Many shareholders expressed frustration at the slow uptake for the company's new slate of smartphones launched this year. Of particular concern was the company's poor performance in the U.S., where its market share has dwindled from over 50% in 2009 to less than 3%, according to Gartner, and where sales of the all-touch-screen Z10 have failed to take off since its March launch. One shareholder said he thought the Z10 rollout in the U.S. was "a disaster," and asked if the launch of the keyboard-equipped Q10 would be better. Another shareholder asked why the company was finding it so hard to build momentum in the U.S. Mr. Heins conceded "there were many lessons learned" in the U.S. but said he didn't think the launch was a disaster. He placed a good chunk of the blame on U.S. carriers, whom he accused of "opportunistic thinking" in only promoting hot-selling devices, alluding to Apple Inc.'s (AAPL) iPhone and Samsung Electronics Corp.'s (SSNHY, 005930.SE) Galaxy line of phones. The nine remaining BlackBerry board members were all overwhelmingly re-elected. Only board chairwoman Barbara Stymiest received less than 98% of the vote. Ms. Stymiest received 81% of the vote, while more than 18% of shareholders withheld their vote. via Technology - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNHLKaEF0EvSUX-GdlNhdVDXYh7y5w&url=http://online.wsj.com/article/BT-CO-20130709-705372.html?mod=googlenews_wsj

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