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

Posted by Unknown on from the surprise-surprise dept.

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."

5 of 196 comments (clear)

  1. Re:Nokia was RIPPED OFF! by Anonymous Coward · · Score: 5, Informative

    You might not have dug quite as deep into the ground though. It takes special skills to fail so extensively.

  2. Re:Ahhh ... by poetmatt · · Score: 5, Informative

    You are exactly correct: embrace extend extinguish, same as always. This is no different. The extend was Elop -> Nokia, and back to MS after the damage is done.

  3. Exactly like Belluzzo by ron_ivi · · Score: 5, Informative

    Sounds almost exactly like how Belluzzo was rewarded for killing HPUX, PA-RISC, IRIX, and 64-bitMIPS in favor of WinNT-on-Itanium. http://en.wikipedia.org/wiki/Richard_Belluzzo

  4. What? by Anonymous Coward · · Score: 5, Informative

    Read the blogs following Nokia and check financial statements. Although declining, Noka was profitable company until Elop took over.
    Then sharp decline and mercy killing by Microsoft.
    It had very bad smell from beginning.

  5. Re:Nokia was RIPPED OFF! by ColdWetDog · · Score: 5, Informative

    You need to work on your pyschopathy. Everyone has some psychopathic tendencies, but if you want to understand a CEO you need to embrace and extend (but certainly not extinguish) those traits.

    Stomp on little animals. Steal money from children. Get elected to some office and perform some official malfeasance. Find a trophy wife or two (or husband, lets be 21st century about this). Read up on biographies of famous people.

    You seem like an intelligent, hard working person. It's not beyond your grasp.

    --
    Faster! Faster! Faster would be better!