John Chen s big payday may be worth it if BlackBerry s still here in 5 years
That s not to suggespatagonia film wikit that anyone is or isn t worth that much, particularly in this era of intense scrutiny of executive pay. And when thousands of jobs are at stake and shareholpatagonia express $50 off $150 purchase2ders are suffering.
It s just to point out that it s not a case of a company on the ropes paying an outlandish sum, at the expense of shareholders, in hopes of a turnaround.
In documents filed with the Securities and Exchange Commission, the smartphone maker disclosed that it s paying Mr. Chen a base salary of $1 million and a performance bonus of $2 million.
Here, of course, is the kicker: Mr. Chen, the former chief of Sybase Inc. who will also serve as BlackBerry s interim chief executive officer, is also being given 13 million restricted share units that would be worth about $85 million at current prices.
They ll vest over five years, 25 per cent on his third and fourth anniversaries with BlackBerry, and the rest on his fifth.
All of which means Mr. Chen, who s being brought in after this week s collapse of a tentative deal to sell BlackBerry, has between three and five years to really turn this company around.
That s a very long time amid such fierce competition with BlackBerry s rivals, and in an era of the quick and the dead.
The hope, of course, is that Mr. Chen will juice BlackBerry as he did Sybase, which, as The Globe and Mail s Tara Perkins and Iain Marlow report, sold in 2010 at six times its value from when he took over.
As The Globe and Mail s Iain Marlow reports today, Fairfax is part of that deal. Also buying in are Mackenzie Financial Corp., Brookfield Asset Management Inc., Markel Corp., Canso Investment Counsel Ltd. and Qatar patagonia outlet store in freeport maineHolding LLC.
Complete coverage of BlackBerryRead the documentTara Perkins and Iain Marlow: Brookfield, Power back BlackBerry financing deal?Sean Silcoff, Jacquie McNish and Boyd Erman: BlackBerry financing aims for a new lease on lifeBoyd Erman in Streetwise (for subscribers): BlackBerry s odds of survival just got betterSean Silcoff: Meet BlackBerry s John Chen, turnaround artistVideo: Jacqueline Nepatagonia express $50 off $150 purchase3lson and Hanna Sung on Blackberry s dramatic shift in directionGoogle s Android grabs 81% of smartphone market as BlackBerry, Apple patagonia women's full zip better sweater jacketslipSean Silcoff, Jacquie McNish and Steve Ladurantaye: An exclusive report on the fall of BlackBerryHow BlackBerry lost World War ZMunk set to retire
Barrick Gold Corp. spelled it out in no uncertain terms Friday: Chairman Peter Munk is poispatagonia outlet store camarilloed to retire from the embattled miner.
The gold mining firm has been dogged by corporate governance and compensation issues for some time, and in documents filed with securities regulators Barrick says it is addressing shareholder concerns, The Globe and Mail s Rachelle Younglai reports.
Investors have been concerned that the board of directors is too beholden to Mr. Munk, who patagonia express $50 off $150 purchase1built the company into the world s largest gold mining group.
It s not the first tpatagonia discount code debenhamsime that Barrick has signalled Mrpatagonia discount code for target. Munk s departure, but it is the most explicit, though no timeline was given.
Rachelle Younglai: Munk to retire from BarrickEconomy creates jobs
We can thank the public sector for a decent showing on the jobs front.
Over all, 13,200 jobs were created in Canada last month, as the unemployment rate held at 6.9 per cent, but thpatagonia express $50 off $150 purchaseat work all came from the public sector while private employers cut back.
Public sector employment climbed largely in health care anpatagonia express $50 off $150 purchase0d at local city halls, according to Statistics Canada. In the private sector, manufacturing and construction werepatagonia everlong review process hit.
Also on the good news side of the ledger, as The Globe and Mail s Tavia Grant reports, is the fact that the gains in the labour market were in full time work.
Over the course of a year, Canadian employment is now up by 1.2 per cent, or 214,000 jobs.
Over all, a decent gain in jobs suggesting Canada s labour market is continuing to show modest imppatagonia guide jacket and pantsrovements, said Emanuella Enenajor of CIBC World Markets. Labor Department also revised August and September numbers higher. added 204,000 jobs last month, our Washington correspondent Kevin Carmichael reports, though the unemployment rate ticked up to 7.3 per cent. has created an average 190,000 jobs a month this year. jobs market surges despite shutdownTalisman sells part of Montney asset
Canada s Talispatagonia guide pants dayman Energy Inc. is selling part of its stake in British Columbia s Montney natural gas field to Malaysia s Progress Energy Canada Ltd.
The sale of this long dated position represents a strong return on our Montney investment and brings us closer to achieving the $2 $3 billion asset disposition target we set out in March this year, said Talisman chief executive officer Hal Kvisle.
Talisman, remember, is now in the sights of Carl Icahn, who has taken a 6 per cent stake in the company.
