NEW YORK (TheStreet) -- When I highlighted BlackBerry's (BBRY - Get Report) improving fundamentals yesterday in "BlackBerry Financials Continue to Improve; Shorts Run for Cover," I focused on Asia-Pacific handset sales and several key numbers I found material in the company's earnings release.
I didn't dedicate enough time on the man who is leading the ship out of the fog: CEO John Chen.
It's old news that BlackBerry was king of smartphones before Apple's (AAPL) iPhone and Google's (GOOG) Android-based devices hobbled the company. As an investor considering the bull thesis, understanding why Apple, Google, Samsung (SSNLF), and others displaced BlackBerry is paramount to fully appreciate BlackBerry's potential.
Natural disasters, supply chain disruptions, and labor disputes didn't bring BlackBerry to its knees.
No, it was the lack of leadership and understanding that tech and time wait for no one. Allowing the release of a half-baked Playbook tablet and over a year delay for a moderately novel Z10 smartphone -- all while Apple, Samsung, Nokia (NOK) capture market share -- falls squarely on the CEO's shoulders. Well, in BlackBerry's case, twin CEOs.
First the company had a failed reboot with Thorsten Heins and his highly incentivized "sell the company quickly" pay package.
Then, the board of directors made the best decision in what must feel like far too long for shareholders. It hired John Chen.
This isn't Chen's first rodeo. He took the reins at Sybase in 1998, when it was on the edge of closing its doors for good. Sybase lost money for four years in a row, and research firm Gartner gave Sybase a 30% chance of survival. That's much worse than BlackBerry's current situation.
Fast forward about 12 years to 2010, and Sybase was generating over $13 billion a year in revenue. Shareholders were further rewarded when the company was bought by SAP (SAP) for $5.8 billion.
BlackBerry enjoys the advantages of Chen's previous experience and better financial standing.
So is it that simple?