BlackBerry Temp CEO Chen will receive 88 million dollars in huge pay

Tencent Science and Technology Ming Xuan November 8 compiled by the Canadian smartphone maker BlackBerry reported to the Securities and Exchange Commission (SEC) in Thursday that the company's new interim chief executive, John Chen, will receive 3 million of dollars in annual and Chen bonuses, and will be awarded 85 million dollars worth of shares in the next five years. In Monday, the BlackBerry announced that it had abandoned its plan to sell its shares, but instead sold 1 billion of dollars in convertible bonds to the main shareholder, Fairfax Financial Holdings, and other institutional investors. Meanwhile, the BlackBerry ousted Chief executive Tosten Heins Thorsten Heins and appointed the 58-Year-old Chen as the company's interim chief executive. BlackBerry said in the report, Chen will receive 1 million of dollars in annual salary, as well as 2 million of dollars in performance bonuses. To join the BlackBerry, Chen also won a limited stock reward worth 13 million of dollars. Choosing to let Chen as interim chief executive, BlackBerry has a fancy for his experience saving the mobile software company Sybase. Affected by Mobile world moves to touch-screen smartphones and tablets, away from BlackBerry's e-mail-centric devices, Chen has lost 95% of its market capitalisation since 2008. While appointing Chen as interim chief executive, BlackBerry is still looking for the company's executive chief executive. According to a BlackBerry report submitted in May this year, the dismissal of Haines will get about 14 million dollars in severance payments. So far, BlackBerry has not commented on the break-up fee for Haines. The BlackBerry report also shows that if Chen's tenure is terminated for no reason, he will receive the full annual salary of the year plus a twice-fold annual salary and bonus.