The latest news is that Blackberry Ltd has announced to extend the contract of its Executive Chairman and Chief Executive John Chen for five years, till November 2023.
The announcement was made earlier today by the Canadian company who said that the contract extension is performance-based, but this long-term contract won’t change Chen’s base salary, short-term cash incentive, or benefits.
John Chen joined Blackberry in 2013 and has been responsible for it since then. He looked after the company and transformed it into a software and service business after it stopped manufacturing smartphones.
“The BlackBerry Board of Directors has tremendous confidence in John Chen. John engineered a successful turnaround and has the company re-positioned to apply its strengths and assets to the Enterprise of Things, an emerging category with massive potential,” said Prem Watsa, Lead Director and Chair of the Compensation, Nomination and Governance Committee of the BlackBerry Board.
Prem Watsa looked determined when she said this “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.”
According to the top news stories, the company not only focuses on selling smartphone management services to its customers but also develops a software for the Android phones that offers secure messaging, email, and other communications.
Blackberry has faced a lot of ups and downs, and all hails to John Chen that he shook hand with the company and struggled hard to keep their boats afloat. Back in 2009, almost half of the population in the United States owned Blackberrys. With its QWERTY keyboard and BBM feature, nobody could resist buying it. Also, the blackberry was considered ‘the most secure phone’ back then.
Complete details of the agreement between Blackberry and John Chen has not been revealed yet. And as per a report, the rest won’t be released until May 2018.