Thorsten Heins could make $22 million for failing BlackBerry
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.