NEW YORK, NY - JANUARY 30: The Blackberry Z10 is displayed at the BlackBerry 10 launch event at Pier 36 in Manhattan on January 30, 2013 in New York City. The new smartphone and mobile operating system is being launched simultaneously in six cities. Mario Tama/Getty Images
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BlackBerry abandons sale process, CEO out

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TORONTO (AP) — BlackBerry 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.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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