BlackBerry Is Not Sparing Any Expense. New CEO Scores $88M Compensation Package
Nov 12, 2013 17:19
BlackBerry may be struggling to stay afloat, but that doesn't mean they're not willing to spend on their new CEO John Chen. They are giving him a compensation package currently worth $88 million.
Chen will receive a salary of $1 million plus a performance bonus of $2 million. The bulk of the pay will come in the form of 13 million BlackBerry shares. As of Monday's price - $6.50 a share, making it worth $84.5 million. He will receive 25% of that on his third anniversary at the company and will get another 25% on his fourth and at five years he will get the remaining 50%.
Chen had previously served as CEO of Sybase, which was purchased by SAP in 2010.
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