BlackBerry co-CEOs in Canada get astronomical salaries

BlackBerry founder Michael Lazaridis and his co-CEO James Balsillie were top grossers among Canada’s best paid 100 CEOs who collectively
earned a whopping $1 billion in 2007.

While Lazaridis’ pay package stood at $51.5 million, RIM co-CEO Balsillie earned $32.05 million, said a report by the Canadian Centre for Policy Alternatives (CCPA) here Thursday.

Calling it a “historical first” in corporate Canada, the report ‘Banner year for Canada’s CEOs: Record high pay increase’, said: “Canada may be in for a rocky economic ride, but the nation’s best paid 100 CEOs are still basking in the glow of the banner year of 2007 – they got a record 22 per cent average pay hike in 2007.”

Said CCPA research associate Hugh Mackenzie: “At that rate of pay, Canada’s richest CEOs pocket the average Canadian wage of $40,237 by 9.04 a.m. Jan 2 – before most Canadians have booted up their computer for another year of work.”

“If you made what most would consider a substantial salary – say the $100,000 a year that gets you onto the so-called sunshine list in some provinces – the highest paid 100 CEOs would have pocketed your annual earnings by the end of lunch hour Jan 5. Three minutes past one, to be precise,” he said.
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