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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."
Good to see the old boys network is thriving.
They don't choose candidates with successful track records, just the ones who they play golf with.
From the sounds of it, Elop completely fucked Nokia, is selling the farm to Microsoft, and will make out like a bandit and get the chance to be considered to run Microsoft.
All in all, I'd say the shareholders of Nokia are getting the shaft here. This is just corporate pillaging.
I wonder how Elop can sleep at night for getting $25mil to tank a company.
But I suppose it isn't too hard on a pillow made of 250,000 Benjamins
That'd be like giving captain Schettino a bonus when the Costa Concordia is salvaged, even though he's the dolt who sank it.
Circumcision is child abuse.
How is this even legal? It is almost as if nobody sees it as a bribe because they don't think a bribe can happen in the open. The SEC needs to put a stop to this acquisition. It smacks of fraud on a massive level.
Guns don't kill people; Physics kills people! - John Lithgow as Dick Solomon on Third Rock From The Sun
Some people here predicted that Elop was sent in to tank Nokia and get MS to buy it. Others argued that, besides loyalty to MS, why would be do that? Well $25M is another reason. He may not have known the exact amount but generally the CEO of a company getting bought out would be well compensated for it even if the deal is terrible for everyone else.
Well, there's spam egg sausage and spam, that's not got much spam in it.
So let me get this right. He took over Nokia 3 years ago. In that time their stock price has dropped by more than a third. In any way you measure it, he has failed as the head of the company. So they decide to sell to Microsoft, because he has been unable to do his job well and do anything to keep them from sinking further. And he will be REWARDED with $25 million?!?!?! So for helping his company continue to fail, he will get a $25 million dollar bonus over what is I'm sure a fairly ridiculous compensation package.
And to top it off, he is on the short list of people to become the new Microsoft CEO? They really are considering basically giving him a huge promotion for being unable to turn Nokia around and letting them get so bad off that selling to MS was their only option? CEOs are absolutely rewarded for failure, because his performance can't be seen as anything other than a failure.
"Information wants to be expensive" - Stewart Brand, the same guy who said "Information wants to be free"
Money paid for value received. Microsoft got what they wanted, an artificially undervalued cell division, and paid accordingly.
Oliver's law of assumed responsibility: If you're seen fixing it, you will be blamed for breaking it.
Before anyone bothers to carefully craft a response to the poster above, have a look at his comment history: this is one of the clearest examples of a Microsoft shill that I've ever seen on Slashdot.
Despite your post's high "informative" mod points (at the moment) I do not believe you are correct. I was curious, so I actually did take a look at MaWeiTao's comment history, as you suggested, and see no evidence of anything but fairly well-reasoned and balanced posts on a variety of subjects, including Microsoft, where he seems to hold a remarkably neutral position rarely seen on this forum. Perhaps that is the problem? His argument that the Slashdot community tends to harbor foaming-at-the-mouth purposeless hatred for everything Microsoft does even when they haven't really done anything wrong seems to have been right on point, and even the mods agreed with him on that particular day.
Evidence of being a Microsoft shill, I do not see. What I do see is that you launched an apparently unjustified ad hominem attack against someone you happen to disagree with. Just because this person has a slightly different opinion and/or perspective about Apple and/or Microsoft and/or Nokia than you do does not make them a shill. Did MaWeiTao arouse your ire precisely because he tends to post using a very neutral, non-confrontational tone of voice? Kind of like me? He fails to constantly attack Microsoft sufficiently so that makes him a shill? His opinions could hardly be considered praise. They're just neutral.
I now wait with bated* breath for someone to baselessly accuse me of being a Microsoft shill as well, for having the temerity to defend someone who has been accused (and apparently convicted by some) of being a Microsoft shill.
* Yes that is the correct spelling. Look it up. A dictionary lookup a day keeps ignorance at bay. I just made that up.