BlackBerry Ltd (NYSE:BB) shares surged in afternoon trading Monday following reports suggesting a CEO transition is on the horizon.

What Happened: According to a Globe And Mail report citing a source familiar with the matter, Blackberry CEO John Chen has resigned and is set to exit the company on Friday. 

The company is expected to announce a replacement or interim solution when it officially announces the news. 

Chen joined BlackBerry in late 2013 and helped lead the company's turnaround efforts as it moved away from consumer hardware and began focusing on enterprise software.

Blackberry was once the world's largest smartphone manufacturer, but the company currently focuses on providing intelligent security software and services to enterprises and governments across the globe. 

See Also: US Stocks Set To Bounce Back Strongly From Oversold Levels As Earnings, Fed Decision Take The Spotlight

BB Price Action: BlackBerry shares were up 7.43% at $3.66 at the time of publication, according to Benzinga Pro.

Photok: courtesy of BlackBerry.