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BlackBerry says CEO Chen to stay on through 2023

(Reuters) – BlackBerry Ltd, has prolonged Executive Chairman and Chief Executive John Chen’s contract via 5 years through November 2023, the Canadian corporate stated on Thursday.

FILE PHOTO – John Chen, CEO of BlackBerry, provides an interview following the hole of his corporate’s inventory on the New York Stock Exchange (NYSE) in New York, U.S., October 16, 2017. REUTERS/Brendan McDermid

Chen joined BlackBerry in November 2013, charged with respiring existence into suffering smartphone maker via rebuilding its as soon as booming handset industry. (reut.rs/2paV7Yw)

However, since then, the corporate has withdrawn from the smartphone production industry and enlarged its cybersecurity and embedded device industry through a string of acquisitions.

“John engineered a successful turnaround and has the company repositioned to apply its strengths and assets to the Enterprise of Things, an emerging category with massive potential,” stated Prem Watsa, the board’s lead director.

BlackBerry Chen’s base wage, non permanent money incentive and advantages will stay unchanged, and that the extension was once weighted towards long-term performance-based fairness and money awards as well as to a time-based fairness award.

For all of the performance-based awards to vest, BlackBerry’s marketplace capitalization would have to upward push about 134 % from the present worth, to more or less $16.1 billion, the corporate stated.

Reporting via Karan Nagarkatti in Bengaluru; Editing via Savio D’Souza

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