Nokia's Elop Set To Receive $25 Million Bonus After Acquisition

jones_supa writes with an update on the Microsoft purchase of Nokia. From the article: "Stephen Elop, the former Nokia Oyj chief executive officer who is rejoining Microsoft, is set to get more than $25 million if the Finnish company completes the sale of its handset business to the software maker. Microsoft will pay 70 percent of the projected total amount of about 18.8 million euros ($25.5 million), and Nokia the remainder, according to a proxy filing by Nokia today. The value of Elop's reward is estimated using Nokia's Sept. 6 closing share price and may still change. Nokia shares have dropped by more than a third since Elop was hired on Sept. 10, 2010, even with the stock's gain since the sale to Microsoft was announced. Nokia shareholders are set to vote on the transaction Nov. 19. Elop will move back to Microsoft as part of the $7.2 billion takeover. He is also a candidate to succeed Microsoft CEO Steve Ballmer."

Comments

it's worth it

[Anonymous Coward]

If he had not managed to foist Nokia off to his buddies at Microsoft then Nokia would have eventually gone out of business or sold for a much, much lower price. Therefore, $25 million is a pittance compraed to the billions that Nokia shareholders would have lost had the deal not gone through.