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TORONTO (AP) — BlackBerry chief executive John Chen saw the value of his total pay package drop 96 percent to US$3.4 million last year as he worked to turn around the money-losing company.
Most of the decline was due to share-based awards Chen received when he joined the company in 2013.
The share repurchase helped send the company's stock higher Friday, rising more than two percent to $12.82 near midday.
Chen received 13 million shares of BlackBerry that will be paid out over five years. The total amount of $84.8 million in share-based awards was recognized as part of his compensation package of $85.7 million in fiscal 2014.
BlackBerry announced late Thursday plans to buy back up to 12 million of its common shares or about 2.6 per cent of the number outstanding.
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