Former Nokia Corp. boss Stephen Elop stands to receive around $25-million (U.S.) in "termination payments" if the company's shareholders agree to sell its handset business to Microsoft Corp., Nokia said on Thursday.
The Finnish firm said the money would be due to Elop following his agreement to immediately stand down alongside the announcement of the deal, and that Microsoft would pay approximately 70 per cent of the total.
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Elop is set to return to Microsoft, his former employer, after the closure of its €5.44-billion ($7.36-billion) acquisition of Nokia's handset business, which prompted some Finnish media to dub him a "Trojan horse.
The two companies had been integrating their mobile businesses since early 2011, when Nokia's Canadian CEO agreed to use Microsoft's Windows phone operating system for its new devices.
Nokia said Elop would be entitled to receive 18 months of his base salary, plus a short-term management cash incentive, equivalent to a total of around €4.2-million. He would also be in line for around €14.6-million from an accelerated vesting of his outstanding equity awards.
Some media reported Thursday that the size of his award may anger some investors, since he was at Nokia for only three years.
Nokia's shareholders will meet to decide on the proposed deal with Microsoft on Nov. 19.
news by September 20, 2013 at 05:06AM
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