BlackBerry-Fairfax takeover dies; Thorsten Heins out

The new plan will involve raising roughly $1-billion by selling convertible notes to a group of investors, according to people familiar with the transaction. Chief executive officer Thorsten Heins will depart the company, and the company will announce changes to its board, the people said.

John Chen, the former chief of Sybase Inc., will be appointed executive chairman of the board, responsible for the company’s “strategic direction, strategic relationships and organizational goals.”

He will be interim CEO when Mr. Heins leaves.