BlackBerry raised $1 bilion this week, but until today, we only knew one of the companies investing.
Fairfax Financial holdings committed $250 million, or 25% of the total funds raised by BlackBerry. According to a document filed with the U.S. Securities and Exchange Commission, five other companies invested in addition to Fairfax:
• Canso Investment Counsel, $300 million
• Fairfax Financial, $250 million
• Mackenzie Financial, $200 million
• Markel Corp., $100 million
• Qatar Holding, $100 million
• Brookfield Asset Management, $50 million
The company is being shaken up in terms of its board of directors and executive team, but somethings won’t change: BlackBerry’s chairman and interim chief executive officer, John Chen, says that he has no intention of shutting down the company’s unprofitable smartphone business.
“I know we have enough ingredients to build a long-term sustainable business,” Chen told Reuters. “I have done this before and seen the same movie before.
Chen, according to the SEC filing, has “control over strategic direction, strategic relationships, and organization goals of BlackBerry and authority over hiring, retention, duties, and responsibilities of all officers, executives and other employees.”
In terms of compensation, the SEC document reveals that he will earn a “base salary of $1,000,000 and Performance Bonus of 200% of Base Salary, or $2,000,000,” as well as shares, four weeks paid vacation, and a car and driver.