It’s been a long spiral downward ride for the people at Waterloo Canada based Blackberry. Some of us are old enough to remember when Blackberry was just as relevant, if not more relevant than the iPhone.

Blackberry began the email on the go movement that we take as second nature now. Starting off as an alphanumeric pager like device and quickly evolving into a two way email machine, Blackberry was quickly adopted by enterprise and the government. Even as smartphones from Apple and Android began hitting the streets, Blackberry offered a value proposition where other companies fell short, in security.

Now evolutions all around in the areas of mobile security have helped Android and iOS evolve into the workplace and Bring Your Own Device, preferred devices. Innovation in the mobile space have allowed IT managers at even the biggest companies in the world, the freedom to use whatever operating system they want. Even the federal government is now handing out iPhones.

Over the last couple of years Blackberry has continued to try to stay relevant. Their latest operating system Blackberry 10 and their tablets both fell with a giant thud at retail. They couldn’t innovate quick enough and once they lost enterprise customers to BYOD or another operating system there was no chance of them coming back. Even the most loyal Blackberry enthusiasts have switched to Android and iOS, and possibly even Windows.

Earlier this year Blackberry had put itself up for sale and Fairfax one of their largest equity holders appeared to be going through the notions to buy out the company.

It was reported Monday morning that FairFax will not be buying the company but rather lead a group of investors to dump another billion dollars into the company.

With that, Thorstein Heins, the Blackberry executive that was elevated to CEO, will be replaced. Heins was thought to be the leader that would help the company re-innovate and introduce new popular products to market. That didn’t quite happen.

Heins will be replaced by John Chen the former CEO of Sybase and a favorite of Fairfax. Reuters is reporting that Chen is a turnaround artist which is what Blacbkerry really needs right now. Although many analysts think that Blackberry should abandon the hardware business and focus on enterprise appliccations, Chen has said he has no interest in shutting their handset business down.  Chen will also serve as the company’s Executive Chairman.

“I know we have enough ingredients to build a long-term sustainable business,” he told Reuters. “I have done this before and seen the same movie before.”

Blackberry decided to stay and grow itself in Waterloo Canada. With all of the turmoil, layoffs from Blackberry have helped spur Waterloo’s growing startup scene.

For now it seems that this is the latest band-aid for the troubled company although Jan Dawson, Chief Telecom Analyst at Ovum says that the company’s sale to Fairfax is inevitable. “Fairfax’s investment will buy the company some time, which it badly needs, but the company needs a new strategy more than ever,” Dawson told Reuters.