Finnish vendor Nokia will pay its new chairman and CEO, Stephen Elop, over US$6m as compensation for lost income after he left his post at Microsoft early.
Elop had been president of Microsoft’s business division until September 2010, when he joined…
Finnish vendor Nokia will pay its new chairman and CEO, Stephen Elop, over US$6m as compensation for lost income after he left his post at Microsoft early.
Elop had been president of Microsoft’s business division until September 2010, when he joined Nokia.
His move came before the two companies announced their partnership in February 2011.
In its 20-F document to the American Securities and Exchange Commission (SEC), Nokia said that it would be providing Elop with compensation for lost income.
This compensation includes a one-off payment of over E2.29m (US$3.19m) in October 2010 and a payment of US$3m in October 2011.
It also said that it would be giving Elop a one-off payment of over E509,000 (US$710,000) for fees he had been obliged to pay Microsoft, as well as income of over E312,000 (US$435,000) for legal fees “paid by Nokia associated with his move to Nokia”.
Elop replaced Olli-Pekka Kallasvuo as Nokia’s chairman and CEO, but Elop will be receiving a lower base salary than his predecessor.
While Kallasuvo’s annual gross base salary was E1,233,000, Elop’s will be almost 15% lower at E1,050,000.
