Elop's Nokia "golden parachute" swells to $33 million

HELSINKI Wed Apr 30, 2014 8:40pm IST

Stephen Elop, vice president of Nokia, gestures while introducing the Nokia Lumia 930 mobile phone during Microsoft's ''build'' conference in San Francisco, California April 2, 2014. REUTERS/Robert Galbraith

Stephen Elop, vice president of Nokia, gestures while introducing the Nokia Lumia 930 mobile phone during Microsoft's ''build'' conference in San Francisco, California April 2, 2014.

Credit: Reuters/Robert Galbraith

Related Topics

Stocks

   

HELSINKI (Reuters) - Former Nokia boss Stephen Elop will get 24.2 million euros ($33.4 million) in cash and shares after leaving the Finnish company, more than 25 percent higher than originally envisaged following a surge in its share price.

Nokia announced in September a 5.6-billion-euro deal to sell its handset unit to Microsoft.

Elop himself is returning to the software giant after the deal closed on Friday, and based on Nokia's share price in September he had been in line to get around 18.8 million euros for the early termination of his contract.

Elop, whose severance payment includes just over 4 million euros in cash, stood down as Nokia chief executive in September and led the phone unit from then until the closing of the deal with Microsoft. The unit's operating loss widened to 306 million euros in the first quarter of this year.

Microsoft paid 70 percent of the total severance payment, and Nokia the remaining 30 percent, Nokia said in its 2013 annual report.

In a separate filing, Nokia said Elop's successor's base salary was smaller than his, with Rajeev Suri set to get 1 million euros, compared with 1.1 million euros in Elop's contract.

(Reporting by Sakari Suoninen; Editing by Mark Potter)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Diwali Sales

Diwali Sales

Gold sales jump about 20 pct for Diwali - trade body  Full Article 

World Bank Rival

World Bank Rival

Three major nations absent as China launches W.Bank rival in Asia  Full Article 

Microsoft Earnings

Microsoft Earnings

Microsoft sales beat Street hopes, cloud profits up.  Full Article 

U.S. Economy

U.S. Economy

Spectre of no-inflation world looms over Fed's return to normal  Full Article 

Insider Trading

Insider Trading

Rengan Rajaratnam, SEC to settle civil insider trading charge.  Full Article 

Wal-Mart India

Wal-Mart India

Murali Lanka appointed as Wal-Mart India operations chief  Full Article 

Market Watch

Market Watch

Betting on the beaten up? Investors pin hopes on stocks in Europe, Japan.  Full Article 

India Insight

India Insight

Kalki Koechlin on her role as a disabled girl in “Margarita, With a Straw”  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage