Thorsten Heins could make $22 million for failing BlackBerry

Thorsten Heins could make $22 million for failing BlackBerry
It seems like one of the more lucrative options available these days is to become the CEO of a big company, fail to be successful, then get a a huge golden parachute payment when you inevitably are forced out of the company. Now granted, the job of bringing BlackBerry back from the brink was one that few people could have been successful doing, and Thorsten Heins made a valiant attempt.

Heins was ultimately unsuccessful, and will be stepping down as CEO of BlackBerry. His golden parachute is a bit complicated, but basically he could end up earning as much as $22 million. Interestingly, it seems that according to his contract terms, Heins' biggest failure during his tenure at BlackBerry was in not finding anyone to purchase the company. In this, he could have learned from Nokia's Stephen Elop. 

According to the terms of Heins' deal, he could have earned as much as $56 million had be been fired following a sale of BlackBerry. Because BlackBerry is not being sold, but just receiving a $1 billion investment, Heins' smaller parachute will be invoked. The equity piece of the deal is worth significantly less now because BlackBerry's stock price has dropped quite a bit since Heins took over as CEO, but between equity, salary, benefits, and cash, Heins could still end up with as much as $22 million. 

If only we could all be so lucky when getting fired. 

Blackberry_2013_Proxy_Circular


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10 Comments

1. akki20892

Posts: 3902; Member since: Feb 04, 2013

person don't deserve anything if he/she done like this stuff. like this two persons Elop and heins.

2. InspectorGadget80 unregistered

And how the hell can anyone ceo makes a few days billions destroying a company? And he don't deserve a BIG PAYCHECK.

3. McJobs

Posts: 107; Member since: Jul 08, 2012

worst CEO ever

7. robinlim85

Posts: 86; Member since: May 03, 2013

i think that goes to stephen elop

4. W.P._Android_in_that_Order

Posts: 208; Member since: Feb 15, 2012

I wouldn't be surprised if he failed the company on purpose. He has been a terrible leader and has no vision.

5. downphoenix

Posts: 3165; Member since: Jun 19, 2010

I think a public beheading should be the "Reward" for a CEO doing a very poor job. I dont think Heins did a bad job, I think his direction was great, although about a year/year and a half too late.

6. PhoneCritic

Posts: 1337; Member since: Oct 05, 2011

This is the travesty of the whole corporate structure in North America. Why oh Why do Governments allow boards (of publicly traded companies) to make these kind of deals with CEO's and never with their working rank and file employees? It would be so nice to hear a Board make a contract with a Ceo that stipulates "if you run the company into the ground the lowly workers get 1 years worth of salary and Benefits and you get nothing!!!" That would actually make CEO's think twice before accepting any job. When will we the American people stand up and demand of the Government that in order for a company to list it's self on the exchanges and finance Billions of dollars from pension funds and stocks that their boards and CEO's get nothing if the company goes bankrupt? But, instead all the hard working dads and moms get the golden parachutes ( not millions of dollars but at least a guarantee of 1 years worth of salary to help them till they find their next Job) is that not fair? What about you guys on PA don't you think that would be fair? No CEO should not get reward for bankrupting a company

10. GrmanR

Posts: 41; Member since: Apr 09, 2013

Blackberry is Canadian, unless you mean that US and Canadian laws are the same

8. AfterShock

Posts: 4146; Member since: Nov 02, 2012

The cake is a lie, err wait.

9. microsoftnokiawin

Posts: 1268; Member since: Mar 30, 2012

WHAT THE ACTUAL F*** is this what a new ceo job is now sabotage your company to make big bucks god i hate dirty bussiness it takes away competition and innovation !

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