TORONTO: BlackBerry CEO Thorsten Heins could receive almost $55.6 million if the company is sold and he is ousted from the top job.
Heins would receive $48 million in equity awards, based on the company’s share price at the end of its latest fiscal year, according to a regulatory filing earlier this year.
He would also get $7.5 million in compensation for his salary and bonus under the change of control provisions in his contract. The company would pay $72,000 in benefits and retirement savings.
The plan was approved by shareholders at its annual meeting on July 9.
BlackBerry announced that a sale of the company was one option that would be considered under a strategic review of the company, which has lost market share to Apple and Android-based phones.
The long-awaited debut of its new phones this year has failed to turn around the struggling smartphone maker.
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 around 11 percent 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.
The BlackBerry, pioneered in 1999, had been the dominant smartphone for on-the-go business people and other consumers before Apple debuted the iPhone in 2007.
In the years since, BlackBerry Ltd. has been hammered by competition from the iPhone as well as Android-based rivals.
Heins was named CEO in January 2012, replacing co-founders and co-CEOs Mike Lazaridis and Jim Balsillie, who stepped down after shareholders demanded a management shakeup.
This past January, the company unveiled new phones running a revamped operating system called BlackBerry 10 designed to better compete. But its market share continues to lag.
IDC said recently BlackBerry has fallen to fourth place in global smartphone sales, now trailing Microsoft.
BlackBerry also warned in June of future losses.
CIBC analyst Todd Coupland suggested BlackBerry could be worth as much as $20 per share in a takeover, and that big technology companies as well as private equity firms could be interested.
Mike Walkley, an analyst with Canaccord Genuity, said Tuesday the stock is up on takeover speculation.
He believes the company is worth $8 per share.
BlackBerry CEO may get almost $55.6m
BlackBerry CEO may get almost $55.6m
Saudi Arabia opens 3rd round of Exploration Empowerment Program
RIYADH: Saudi Arabia’s Ministry of Industry and Mineral Resources, in collaboration with the Ministry of Investment, has opened applications for the third round of the Exploration Empowerment Program, part of ongoing efforts to accelerate mineral exploration in the Kingdom, reduce early-stage investment risks, and attract high-quality investment from local and international mining companies.
The third round of the Exploration Empowerment Program offers a comprehensive support package targeting exploration companies and mineral prospecting license holders.
The initiative aims to lower investment risks for projects and support a faster transition from prospecting to development.
"The program provides coverage of up to 70 percent of the total salaries of Saudi technical staff, such as geologists, during the first two years, increasing to 100 percent thereafter, in line with program requirements.
This support aims to develop talent, build national capabilities in mineral exploration, promote job localization, and facilitate the transfer of geological knowledge.
The application for the third round opened on Jan. 14, allowing participants to benefit from the Kingdom’s attractive investment environment, its stable legal framework, and streamlined regulatory structures, as well as integrated infrastructure that supports the transition from mineral resources to operational mines.
The ministry has set the timeline for the third round, with the application period running from Jan. 14 to March 31.
This will be followed by the evaluation, approval, and signing of agreements from April 1 to May 31, with the eligible projects set to be announced between June 1 and July 31 of the same year.
The program stages include submitting exploration data during the reimbursement and payment phase from Sept. 1 to Nov. 30, followed by technical and financial verification of work programs and approval of the disbursement of support funds in January 2027.
The exploration data will then be published on the National Geological Database in April 2027.
The ministry emphasized that the EEP focuses on supporting the exploration of strategically important minerals with national priority. It also contributes to enhancing geological knowledge by providing up-to-date data that meets international standards, helping investors make informed decisions and supporting the growth of national companies and local supply chains.
The ministry urged companies to apply early to benefit from the program’s third round, which coincided with the fifth edition of the International Mining Conference, which was held from Jan. 13 to 15.
