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.
...the phrase "thirty pieces of silver" keeps coming to mind...
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
I could have run their business into the ground for half that much!
AntiFA: An abbreviation for Anti First Amendment.
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.
when, not if; Elop rejoins Microsoft; Google and the Android phone developers could reward him another $1 bn for achieving the same spectacular success he did at Finland.
If you keep throwing chairs, one day you'll break windows....
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
E-lop. Phone. Hoooome.
Unless the former and future MS exec had some influence on Nokia's fall into the pit of despair. Like, for example, running it poorly.
I'll take, "Professions You Get Paid No Matter How Much You Fuck Up" for $25 million Alex.
Excerpt from the new reality gameshow: Shareholder Jeopardy
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.
Therefore, $25 million is a pittance compraed to the billions that Nokia shareholders would have lost had the deal not gone through.
How much would they have lost if Elop hadn't slit the company's throat in the first place to butcher it for Microsoft?
If I have been able to see further than others, it is because I bought a pair of binoculars.
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
I knew this was going to happen. EVERYONE knew this was going to happen the moment we heard a Microsoft guy was going to be put in charge. EVERY step this guy has taken has led to this.
I always remember Nokia as being a point of national pride for the finns! They loved to brag about it, being in the forefront of a hot and growing tech industry. Why are they letting an American company walk in and scoop it all up in what is essentially a giant fraudulent business exchange? So many high-tech jobs lost. Where is the outrage?
I know Finland isn't the US, but why haven't executives been hauled in front of whatever the equivalent of congress is there to explain why a key industry has been sabotaged and sold overseas?
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.
On a huge pile of money!
0 1 - just my two bits
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.
Given that Jolla is having their second round of pre-orders today (in Finland only), I expect Finns, angry at the looting of one of Finland's biggest and most well-known companies by Microsoft, are more likely than ever to throw money at a Finnish phone maker founded by ex-Nokia guys who quit and/or were fired under Elop...
"A high ranking VP of a corporate giant becomes the new CEO of a company in a different business, in a different country. He doesn’t sell his home in Seattle, nor does his family move with him, even though he’s ostensibly going to be there permanently. Over the next three years, he makes counterintuitive decisions that abandon his new company’s core strengths, and their value plummets to a tiny fraction of what it was.
You get the idea. Essentially, the theory here — and this has been floating around for a while — is that Stephen Elop became the CEO of Nokia to soften the company up for the Microsoft takeover left Nokia without its hardware business."
It is so blindingly obvious. If anyone doesn't see this, they are beyond hope. One might quote the Hanlon's Razor: "Never attribute to malice....", but it simply does not account for the amount of maneuvering and the number of counterintuitive senseless decisions that made this acquisition possible. What is more applicable is: "If it looks like a duck, walks like a duck and quacks like a duck,.....".
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.