BlackBerry

Former BlackBerry Execs Walk Away With $6.8 Million

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In a release Monday morning, BlackBerry said Chief Operating Officer Kristian Tear, Chief Marketing Officer Frank Boulben, and Chief Financial Officer Brian Bidulka would be leaving the company.

  • Chief Financial Officer Brian Bidulka – $3 million ($1.2 million for two years of his salary plus stock options and retirement savings)
  • Chief Operating Officer Kristian Tear – $1.3 million based on current stock price
  • Chief Marketing Officer Frank Boulben – $2.3 million (Services Unknown)

Mr. Bidulka, who said he will stay on as an adviser for the rest of the year, will receive the largest exit package –$3 million. He joined BlackBerry in 2005.

Messrs. Tear and Boulben worked at BlackBerry for just a year and a half. Both executives joined BlackBerry in May 2012. Mr. Tear joined BlackBerry from Sony Mobile Communications. Mr. Boulben joined from LightSquared, the wireless satellite company that filed for bankruptcy protection in May 2012.

BlackBerry’s board of directors voted on the executive packages during the company’s July meeting and was approved by shareholders. BlackBerry declined to comment beyond the SEC filings.

The severance packages for all of BlackBerry’s executives were far less than what they would have received if BlackBerry had successfully executed a sale.[signoff predefined=”Enjoy this?” icon=”icon-users”][/signoff]Via

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