WATERLOO, ON – BlackBerry has extended executive chairman and CEO John Chen's contract by five years through November 2023, the company said Thursday.
Chen, who joined BlackBerry in November 2013, has led BlackBerry through a turnaround that has seen the former smartphone maker shed its hardware manufacturing business, return to financial stability, and make strategic investments in cybersecurity and embedded software that today are delivering the bulk of the company’s revenue and growth.
The five-year contract extension for Chen is weighted toward long-term performance-based equity and cash awards, in addition to a time-based equity award, BlackBerry added. There will be no change to his base salary, short-term cash incentive, or benefits.
BlackBerry lead director Prem Watsa said that the board of directors has “tremendous confidence” in Chen.
“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,” she said in the announcement. “John’s leadership is critical and the Board has determined that it is in the best of interests of BlackBerry and its shareholders to continue his service through November 2023.”
