Stephen Elop, Nokia’s former CEO, will receive quite the hefty sum now that
Microsoft is buying Nokia’s smartphone business.
Elop, who made a controversial move in committing Nokia’s higher-end smartphones to the Microsoft Windows operating system in 2011, will collect about $US25.5 million (18.8 million euros) when he rejoins Microsoft, reports The New York Times.
Elop will return to his roots with the recent Nokia-Microsoft deal, bouncing back to Microsoft after spending three years with the Finnish communications firm. He recieved $US6.2 million when he left Microsoft to become Nokia’s CEO in 2010. Elop will rejoin Microsoft as the head of the company’s handset businesses when and if the acquisition goes through. In the meantime, he’s downgraded his Nokia title to executive vice president of devices and services to mitigate conflicts of interest.
His payment will be composed of 4.1 million euros worth of salary and management incentives and benefits and stock awards valued at about 14.6 million euros. Microsoft will cover about 70 per cent of Elop’s payment while Nokia will be responsible for the remainder.