Former Nokia boss Stephen Elop will receive a payoff worth €18.8m (£15.9m) after his proposed switch from the Finnish handset business to Microsoft, just three years after he was paid $6.2m (£3.9m) to move the other way. Nokia said Elop was due the cash following his agreement to immediately stand down alongside the announcement of Microsoft's €5.4bn purchase of Nokia's mobile phone unit. Microsoft will fund 70% of the payoff.
Elop is set to return to Microsoft, his former employer, following the closure of the Nokia deal, which prompted some Finnish media to dub him a "Trojan horse". Nokia said Elop would be entitled to 18 months' base salary, plus a short-term management cash incentive, equivalent to a total of around €4.2m. He would also be in line for around €14.6m from an accelerated vesting of his outstanding equity awards.
Nokia's shareholders will meet to decide on the proposed deal with Microsoft on 19 November. Elop joined Nokia from Microsoft in 2010 with a golden hello worth $6.2m . He is stepping down as Nokia chief executive to become head of the company's devices and services division before he rejoins Microsoft once the acquisition closes.
news by September 20, 2013 at 01:21AM
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