It feels like it wasn’t too long ago that BlackBerry was a major player in the smartphone market and a status icon.

BlackBerry CEO steps down as company secures $1 billion funding from investors

Today was always going to be a momentous day for BlackBerry, with a looming deadline for its proposed takeover deal with Fairfax Financial Holdings. As it turns out, the full takeover deal isn’t taking place, but the company is going to receive an investment of $1 billion from Fairfax and a group of other institutional investors as it seeks to steer a new course. That will involve some major reshuffling at board level, starting with CEO Thorsten Heins, who is stepping down to be replaced by interim CEO John S. Chen.