Shares Worth $85 Million and a Salary of $1 Million to be Enjoyed by New CEO of BlackBerry Ltd (NASDAQ:BBRY)
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New interim CEO of BlackBerry Ltd (NASDAQ:BBRY) will enjoy a $1 million salary base along with a bonus that is double the salary and stock awards worth $85 million or so. He will get this all for his efforts to bring the company’s former glory back.
John Chen BlackBerry’s second CEO will enjoy the bumper package, which will allow the company recover its former market share from the manufacturers of Apple Inc. (NASDAQ:AAPL) and Android software by Google Inc (NASDAQ:GOOG).
Chen successfully turned the tables for Sybase Inc back in 1990s. In 2010 Sybase was bought by SAP AG (ADR) (NYSE:SAP). According to regulatory filing, Chen’s shares will vest after 3 years of his service in BlackBerry whereas most of his options will vest once he completes five years with the company.
The decision to bring on Chen was made after canceling the plans of selling BlackBerry; this was done after raising funds through Fairfax Financial Holdings Ltd (TSE:FFH)’s offering of $1 billion notes; Fairfax is BlackBerry’s largest shareholder. Prem Watsa who is leading Farifex said that the company will be investing $250 million. It was revealed on Thursday that Canso Investment Counsel Ltd will be investing $300 million and Qatar Holding, Markel Corp, Brookfield Asset Management and Mackenzie Financial, will buy the rest.
BlackBerry, however, will have to pay its investors a fee if it doesn’t get an alternate deal that would allow the company to be sold within or before 30 days after the deal closing. Based on circumstances, this fee will be somewhere within the range of $135 million to $250 million. The investors have also taken the standstill agreement that restricts them to not own BlackBerry’s outstanding shares more than 19.9% in one year.
In the last session, shares of BlackBerry Ltd (NASDAQ:BBRY) went down by -2.33% ($6.51).