Nokia's Former CEO Paid More than Expected for Microsoft Deal
Published on: 30th Apr 2014
Note -- this news article is more than a year old.
Nokia's former CEO, and now head of Microsoft's mobile phone division, Stephen Elop received a larger than expected pay off from the deal to sell the phones division.
He earned nearly a third more than the already locally controversial payout and took USD33.5 million from the deal.
Although payouts of that size are not unusual in corporate deals of this size in the USA, it raised protests in Finland where he Elop was seen as profiting from the demise of a local icon.
The main reason for the higher than expected payout was due to the rise in the value of Nokia shares following the announcement of the sale, recovering a little of the slump they experienced under Elop's leadership.
Nokia said that 70% of the pay-off was funded by Microsoft.