BlackBerry chief executive gets $55.6M if ousted after sale
Blackberry CEO Thorsten Heins speaks at the company's Annual General Meeting in Waterloo, Ontario, Tuesday, July 9, 2013. (Geoff Robins / THE CANADIAN PRESS)
TORONTO -- BlackBerry (TSX:BB) chief executive Thorsten Heins stands to make as much as $55.6 million if the company is sold and he is ousted from the top job, according to securities filings.
Under the change of control provisions in his contract, Heins would receive $7.5 million in compensation for his salary and bonus, $72,000 in benefits and retirement savings and $48 million in equity awards, based on the company's share price at the end of its latest financial year.
BlackBerry announced this week that it had launched a review of "strategic alternatives," a move that could potentially result in the sale of the company to a strategic buyer that could see it taken private.
The company's strategic review is being headed by Timothy Dattels, a BlackBerry director and a senior partner at TPG Capital, one of the world's largest private equity firms.
Fairfax Financial and its chief executive, Prem Watsa, which hold approximately 11 per cent of BlackBerry, are considered among possible buyers.
Watsa resigned from the BlackBerry board on Monday due to potential conflicts of interest.
If Heins were to be removed from his job at BlackBerry without a change of control, he would receive a package valued at $22 million, including $5.8 million in compensation for his salary and bonus, $72,000 in benefits and retirement savings and $16.1 million in equity awards.