BlackBerry's new chairman and interim CEO will have quite the impressive pay package. A filing with the SEC on Monday revealed John Chen - tasked with bringing BlackBerry back from the dead - will receive roughly $88 million over the next five years.
Chen's base salary will start at $1 million, with a performance bonus of $2 million. He has been awarded 13 million shares of BlackBerry stock valued at $85 million, set to vest over the next five years if Chen chooses to stick around. If he's terminated for any reason, Chen will be awarded $6 million.
Chen was appointed chairman and interim CEO of BlackBerry the same day Fairfax Financial announced it wouldn't be taking BlackBerry over in a $4.7 billion offer. Instead, Fairfax Financial made a $1 billion investment, and Chen was put in outgoing-CEO Thorsten Heins' place. Heins received a termination package of about $14 million.
Chen hasn't been named the next permanent CEO of BlackBerry, but if his pay package is any indication he'll have a big part of the company over the next five years. Given his background, it wouldn't surprise us if Chen keeps the chief executive role. He turned the company Sybase around from nothing, into a $5.8 billion sale. A committee has formed to make the decision for the permanent CEO role.