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Nokia pays Elop over $6 million to move from Microsoft

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Nokia President and CEO Stephen Elop delivers a speech at the GSMA Mobile World Congress in Barcelona February 16, 2011. REUTERS/Gustau Nacarino

Nokia President and CEO Stephen Elop delivers a speech at the GSMA Mobile World Congress in Barcelona February 16, 2011.

Credit: Reuters/Gustau Nacarino

HELSINKI | Fri Mar 11, 2011 8:04am EST

HELSINKI (Reuters) - World's top phone maker Nokia will pay its CEO Stephen Elop more than $6 million in one-time payments for moving to the Finnish company from Microsoft last September, a corporate filing showed on Friday.

As compensation for lost income, Nokia paid Elop last October 2.3 million euros ($3.18 million), and will pay a further $3.0 million in October 2011, according to Nokia's annual 20-F form filed with the U.S. securities and Exchange Commission.

Elop's total gross base salary is 1.05 million euros, slightly below his predecessor Olli-Pekka Kallasvuo, whose base salary was about 1.18 million in 2009.

(Reporting by Jussi Rosendahl and Tarmo Virki; Editing by Jon Loades-Carter)
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Comments (1)
crazygadgetnut wrote:
Nokia squandered over 8 billion dollars in acquiring Navteq a few years ago. Navteq has been a drag on Nokia’s bottom line ever since. Nokia is now forced by the competition to offer its Navteq road map service free on its smartphones.

Now, Nokia seems to have once again spent its cash reserves in poaching its new CEO from Microsoft six months ago. All that we have seen so far since Elop became Nokia’s CEO is a sharp fall in Nokia share price to an all time low.

Was it really worth it? The only result so far has been a tie-up by Nokia with Elop’s former employer Microsoft in an agreement which has raised deep concern about its success prospects all over the mobile phones industry.
Only time will tell if this desperate last ditch attempt by Nokia to regain its supremacy in the mobile phones business will pay off? Does Nokia have the time to wait that long for results to show up?

Mar 11, 2011 10:46am EST  --  Report as abuse
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