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BlackBerry interim CEO being paid $88 million, including stocks

BlackBerry interim CEO being paid $88 million, including stocks

By Associated Press | Updated: 12 November 2013 10:18 IST

New BlackBerry chairman and interim chief executive John Chen has a large pay package.

In addition to a $1 million base salary and $2 million performance bonus, the Waterloo, Ontario, company will give him 13 million BlackBerry restricted share units, worth $85 million based on the current stock price, that will vest over five years.

(Also see: BlackBerry's interim CEO offered lucrative package to see company through)

The former Sybase CEO signed on last week, when the smartphone maker abandoned plans to sell itself. The details were disclosed in a Securities and Exchange Commission filing on the strategy shift.

If Chen fails to turn around BlackBerry, he could net far less.

If fired he will receive his salary for the rest of that year, and an additional payout $6 million - two times his salary and base bonus - plus benefits for 18 months.

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