John Chen, a director for Wells Fargo and Walt Disney, will serve as BlackBerry's new executive chairman and interim chief executive.

In his new role, Chen will be responsible for the strategic direction, strategic relationships and organizational goals for BlackBerry.

Chen has also served as chairman and chief executive of Sybase Inc., a computer software company that SAP acquired in 2010. He has received an electrical engineering degree from Brown University and holds a Master of Science from California Institute of Technology.

"BlackBerry is an iconic brand with enormous potential — but it's going to take time, discipline and tough decisions to reclaim our success," said Chen in a press release. "I look forward to leading BlackBerry in its turnaround and business model transformation for the benefit of all of its constituencies, including its customers, shareholders and employees."

According to Reuters, BlackBerry's hiring of Chen came as the company announced on Monday that it was abandoning a plan to sell itself and opting instead to raise $1 billion via a convertible debt offering.