Stock of Waterloo smartphone pioneer down 41 per cent since his start a decade ago
John Chen is departing as chief executive of BlackBerry Ltd. this Friday, 10 years to the day after he signed on to turn around the smartphone pioneer, a job that remains unfinished.
The decision has been made and Mr. Chen, who is paid US$1-million in salary plus a fixed US$2-million cash bonus per year, will be gone by this weekend, said a source familiar with the matter. The Globe and Mail is not identifying the source as they are not authorized to discuss the matter. The company is expected to announce an interim or full-time replacement when it discloses news as early as today.
He faced another daunting challenge at Blackberry, which created the smartphone category and demand for hand-held mobile data communicators starting in 1999 when it was called Research in Motion. But the company stumbled badly in its attempts to respond to the arrival of the Apple iPhone in 2007 and subsequent rapid adoption of Android-powered smartphones, which eschewed the mini-physical keyboard popularized by the Blackberry in favour of touchscreen mini-computer devices.
Mr. Chen’s protracted turnaround attempt was aided by billions of dollars in legacy high-margin service-fee revenue negotiated by his predecessors with carriers when Blackberry devices were in hot demand, and which poured in for years as customers continued to use its aging machines.
Outrage over BlackBerry’s rich executive pay – including the meme-stock-triggered bounty for Mr. Chen - resulted in two major proxy advisers, Institutional Shareholder Services Inc. and Glass Lewis & Co., recommending a “no” vote on the company’s non-binding “say on pay” resolution at its June 2022 annual meeting. Lead independent director Prem Watsa was barely re-elected, garnering just 50.
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