Stephen Elop Gets About $33 Million For Leaving Nokia To Microsoft

Elop

With the Nokia/Microsoft deal officially closed last week on April 25, Stephen Elop has made his triumphant return to Microsoft. Elop is now the executive vice president (EVP) of the Microsoft Devices Group overseeing an expanded devices business that includes Lumia smartphones and tablets, Nokia mobile phones, Xbox hardware, Surface, Perceptive Pixel products, and accessories. Stephen Elop was paid 24.2 million euros ($33.4 million) in cash and shares after he left Nokia, thanks to rising Nokia share prices, he got more than what he was entitled to get.

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.

 

Source: Reuters

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