Chen, chief executive since 2013, will leave the company at the end of this week when his employment contract expires
BlackBerry CEO John Chen takes part in an event at BlackBerry QNX headquarters in Ottawa on Feb 15, 2019. The head of BlackBerry Ltd. will leave the company at the end of this week when his employment contract expires.
This type of compensation is nearly always labelled “at risk,” suggesting the executive risks getting little to no payday if shareholders lose out. That isn’t quite what happened, however.are trading about 28-per-cent below the $6.75 TSX close the day Mr. Chen joined. Neelam Sandhu, BlackBerry’s chief marketing officer, said in an e-mail to The Globe and Mail Wednesday that “given BlackBerry’s, the comparator group from 2014 is not the right group to compare against when assessing the company’s performance over the past 10 years.”
Mr. Chen sold more than 11 million shares from 2016 to 2022 for gross proceeds of US$98.9-million, according to trading records filed with Canadian securities regulators. BlackBerry’s pay practices have led to a failed “say on pay” vote in 2022 and high negative votes for multiple directors, particularly BlackBerry board chairman Prem Watsa, the Fairfax Financial Holdings Ltd.However, Ms. Sandhu says that Mr. Chen made all of his stock sales in his entire tenure for the purpose of tax withholding. None of the sales were active trading decisions, she says. US$100-million has gone to the Canadian and U.S. governments over the last decade in taxes, that leaves Mr.
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