Thursday, 26 September 2013

Nokia's ex-CEO set for $25 million windfall

nokia ceo stephen elop payoutNokia's former CEO Stephen Elop is set to receive an 18.8 million euro ($25 million) payout when he leaves the Finnish tech company to join Microsoft, upsetting many who think the windfall seems unfair.

Elop announced earlier this month that Nokia (NOK) had inked a 5.4 billion euro ($7.2 billion) deal to sell its mobile phone business to Microsoft (MSFT, Fortune 500). The takeover -- considered a win-win for each company -- also stipulated that Elop would move to Microsoft.

That's when the trouble began.

Nokia then amended its employment contract with Elop, ensuring he received the large payout when he leaves, even though his previous contract would not have allowed the payment.

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