BlackBerry’s former CEO, Thorsten Heins, is on his way out with a golden parachute with an estimated worth of $22 million. The newly appointed interim CEO, John Chen, is expected to make more than Heins.
Chen will get $3 million in salary and bonuses, as well as stock valued at about $85 million that will vest over the next five years. He will also be eligible for $1 million in base salary and a performance bonus of $2 million, said BlackBerry in a filing.
The filing also showed Chen will be awarded 13 million restricted shares that will become available over time. BlackBerry is hoping Chen can help turnaround the company like he did with Sybase Inc.
If Chen were to be terminated without reason, he will receive his salary for the remainder of that year, plus two times his base salary and bonus, which totals $6 million.