BlackBerry CEO John Chen has been found to be the highest paid executive in Canada, according to a report issued by the Canadian Center for Policy Alternatives. The report, which is based on 2013 to 2014 financial compensation, stated that Chen took home $89.7 million.
Top paid executives in Canada
Donald Walker, CEO of Magna, stood in second place with compensation of $23.4 million. Last year, Gerald Schwartz was the top paid CEO with $21.1 million. The former CEO of Ritchie Bros Auctioneers, Peter Blake, stood in the last spot in the list of the top 100 paid executives with earnings of $4.3 million.
To calculate the total compensation, the Canadian Center for Policy Alternatives took salaries, bonuses, share grants and stock options into consideration. Only two women made it onto the coveted list: Linda Hasenfratz of Linamar Corp. ($10.1 million) and Dawn Farrell of TransAlta Corp. ($4.5 million).
In a rare interview with Harvard Business School that was published online earlier this month, (it has since been taken down) value investor Seth Klarman spoke at length about his investment process, philosophy and the changes value investors have had to overcome during the past decade. Klarman’s hedge fund, the Boston-based Baupost has one of Read More
Between 2008 and 2013, the 100 top paid CEOs of the country saw growth of about 25% in compensation amounting to $9.2 million on average. This growth rate was almost twice as fast as the average wage for Canadians.
From 2013 to 2014, a decline of 2% was noted in the compensation of Canada’s highest paid CEOs, but they still managed to make $8.96 million each on average, the report says. The Canadian Center for Policy Alternatives says the amount is 184 times the average wage in Canada. The research group informed readers that in 2014, the average wage for a full time worker was $48,636.
BlackBerry rolls out security patch for the Priv
In other BlackBerryy news, in order to bring its latest smartphone – the Priv – on par with Google’s latest security standards for January, BlackBerry has started rolling out a small patch. The Priv is getting this security patch earlier than Google’s own Nexus line-up, emphasizing BlackBerry’s commitment to security.
The patch is just a small 16MB file that will first come to the Privs sold on ShopBlackBerry.com and on a number of other carriers around the world. The update will be available to the Privs sold at Canadian carriers sometime next week, according to BlackBerry representative Michael Clewley, who tweeted the patch’s announcement.
On Monday, BlackBerry shares closed down 1.56% at $9.14. In 2015, the stock lost almost 16%, while in the last one month, it has gained almost 18%.
Updated on
When did you get laid off?
Nobody expected you to believe them. You’ve spent years ignoring reality ever since you got angry at BB for ignoring you and your failed idea(s).
He didn’t get bonuses first… He got some bonuses for meeting some targets this far into his contract.
Incorrect. 95 percent of that 80 mil is RSU’s
Incorrect. 95 percent of that 80 mil is RSU’s
Blackberry raped by greedy execs yet again
“In a study published on January 4, the Canadian Centre for Policy Alternatives (CCPA) reported that John Chen was the highest-paid CEO in Canada two years ago. The study was based on a review of annual filings made by 249 Canadian public companies in 2014 and its findings were widely reported by Canadian news outlets. The media reporting on this topic presents a misleading view of our CEO’s compensation.
Fully 95% of the compensation attributed to Mr. Chen in the CCPA study relates to an award of restricted stock units (RSUs) granted when he was appointed as Executive Chairman and CEO of BlackBerry in November 2013. These time-based RSUs vest during the second half of a five-year period, to align Mr. Chen with the long-term interests of BlackBerry shareholders. To date, none of the RSUs have vested and he has not received the benefit of any of the shares attributed to him in the CCPA study.
In 2014, Mr. Chen did not receive any additional stock-based compensation. He also waived his right to a guaranteed cash incentive bonus for the year, electing to participate instead in the annual variable incentive plan (VIP) alongside his direct reports. As disclosed in our 2015 annual filings, which were not mentioned in the CCPA study, Mr. Chen’s total compensation decreased by 96% from the previous year.
At BlackBerry’s annual meeting in 2015, over 90% of the company’s shareholders voted in favor of a “say-on-pay” resolution affirming the Board’s approach to executive compensation.”
Blackberry just released a post stating this story is a misconception, but on their post that are not allowing comments, So do I believe them?? NO!!
To find that answer, attempt research techniques… The world is your oyster.
why does Chen get bonuses first? how about first saving the company then be rewarded?
Interesting opinion…
He wins either way, so he isn’t going to care as much. At my work, I don’t get paid til I do what I said I would do.
That is a good point. I guess the company has to take the gamble. He has a good track record, so that made the decision easier.
That is a “if” so if he doesn’t do it then it’s a “oh well” is that how it works? But Chen still gets to be over $80m richer either way.
If he revives the company and causes it to be successful again, why not? He’s known as a “turnaround expert.” Still, that’s a hefty sum.
HBB it appears that it does, as you can notice. HBB how can a CEO of a poor company in trouble even except that kind of wage? that extra money could be used finding a way to fix this company. What I see, is a CEO well overpaid (highest paid in Canada) but yet is not leaving every rock unturned in the hopes of a turnaround. Chen thinks a slider device will sell, which proves he is not the one.
why does a CEO of a suffering company the highest paid CEO in Canada???? It blows me away that you investors are supporting this wow
He would be a communist
and what if he lived in China?
and when is it going to be $10 B under Chen’s myopic processes.?
Those are not phone calls rather voices in your head. Seek professional help Cuckoo Dave Hargraves
and yet they still beat market expectations…
Interesting… well I’m glad you aren’t the only delusional one out there
Well I already got a few calls on this from some investors that are completely disgusted pertaining to a CEO getting the highest wage in Canada from a company in such demise.
Wow is exactly right. You clearly don’t understand how investing works and how Tech stocks fluctuate up and down. This article has 0.0 impact on the stock
Wow lol
lol, it had nothing to do with this article…
Nevertheless this news article created a negative impact on the stock price, proving Chen is out for the money more than anything else.
The poster called Devvv is on a mission to troll BlackBerry articles. He/She has been at it for years. It has gone from insulting, to annoying but now is just boring..yawwwnnnn
lol, today is irrelevant in the overall scheme.
It doesn’t suggest that at all. It suggests that their focus is different. Nothing more, nothing less. Also, how do you confirm it’s just a hoax when no other credible source is saying that? It’s open source code so people who actually know what they’re talking about would pick that off immediately, so I see zero reason to believe you thus far.
Well today it doesn’t appear that your fellow investors agree.
Not the highest paid CEO in Canada. He is paid in the USA where he lives and pays taxes…just sayin
You have to spend money to make money and as an investor in BBRY I am in 100 percent agreement with spending money on Chen and his turnaround plan that is doing excellent thus far.
The one stated in this story giving the impression, that Google is dumb.
Which security patch are you referring to? They offer a large suite of software products so your suggestion sounds questionable at best.
Nevertheless HBB, overall BlackBerry is losing money, therefore Chen was paid with your investing dollars. Did you know the small security patch created by BlackBerry as some kind of fix is a hoax, just to make it appear they are on top of their game?
Good to be the boss!!! Rock On Chen!!!
I see no reason to explain it to you as you don’t understand how the numbers work.
I guess you missed the information surrounding software revenue… I will leave that to you to figure out on how your statement is invalid.
Numbers are misconstrued to make it appear revenue has increased, layoffs only allow more time for BlackBerry to continue these practices
How is it, that the most suffering corporate company in Canada, it’s CEO makes the most?. If you guys don’t think this company is being raped, you are fools. Why is he being rewarded before hand, without guarantee he will do his job? John Chen gets paid regardless if he fixes or not, how is that a incentive?
Says the guy who thinks laying employees off increases revenue…
What makes you think he is saving anything? So if he fails, does he give the money back? And if he fails does investors get theirs back? Wow you guys wake up and smell the coffee.
Well the way I look at is, if a company is still considered losing money. Chen`s wages came completely of the back of investors. Chen making that kind of money off a suffering company is called raping, but I’m sure HBB would not agree.
Agreed
Drop in the bucket for someone saving a franchise worth $10b+
I’m looking forward to DEVVV’s spin on this one…
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