BlackBerry CEO John Chen gets $128-million prize to stay on for at least Five more years

BlackBerry CEO John Chen gets $128-million prize to stay on for at least Five more years

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Since taking over in 2013, Chen provides turned the company from a gotten smartphone maker into a smaller sized and leaner seller for security-focused software

BlackBerry Ltd. Chief Executive Officer John Chen agreed upon a new contract worth at least US$128 million to keep him while at work for at least five years.

The pay package has 10 million restricted stock permits — valued at $128 million as of Wednesday’s close — that will vest as a result of November 2023, the Waterloo, Ontario-based company said Thursday in a statement. 50 % will pay out if share-price plans of US$16 to US$20 are arrived at. He’ll also get a performance-based funds award if the stock gets US$30. The value of the cash grant are going to be disclosed in the company’s proxy circular in May, good statement.

Since taking over in 2013, Chen has turned the company with a fallen smartphone maker in a smaller and leaner supplier of security-focused software. He’s reduce thousands of employees and got away from the phone business completely. Cell phone has also become more aggressive inside pursuing patent claims alongside firms benefiting from technology the particular Canadian firm maintains them invented years ago.

BlackBerry shares climbed 15 per cent this year via Wednesday to US$12.80 within New York, after gaining Sixty two per cent last year.

Chen’s basic salary and annual incentive will remain at US$1 million plus US$2 million, respectively. Over the past 2 yrs, Chen, 62, has voluntarily questioned that his cash advantage be paid in shares, according to last year’s proxy health history.

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