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BlackBerry's new CEO gets $85 million to stick around

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Blackberry 10 Experience event (STOCK)
Blackberry 10 Experience event (STOCK)

BlackBerry wants its new executive chairman and interim CEO, John Chen, to turn the company around, and it's set him up with a pay package that should help to keep him on board. Chen is receiving 13 million shares of restricted stock — worth about $85 million today — vesting over the next five years. He'll also see $1 million each year in base salary, with a potential performance bonus of up to $2 million annually. If terminated without cause, he'll see a $6 million termination package.

Though there's no word on BlackBerry's search for a new permanent CEO, Chen would seemingly be a likely frontrunner given both his pay package and credentials. Chen has experience with turning around struggling companies, and so far he's spoken confidently about BlackBerry's prospects. No timeline has been announced on the search, but it wouldn't be a huge surprise to see Chen sticking around.