Advertisement

HindustanTimes Fri,29 Aug 2014

Nokia to pay outgoing CEO Elop $25 million

AP  Helsinki, September 20, 2013
First Published: 03:43 IST(20/9/2013) | Last Updated: 03:46 IST(20/9/2013)

Nokia Corp. says it will pay outgoing CEO Stephen Elop a compensation package of some $25 million (19 million euros) when he leaves the company to move over to Microsoft.

Advertisement

In proxy statements to shareholders published on Thursday, the Finnish company says the amount includes Elop's base salary and equity awards of about 14.6 million euros.

The announcement comes in the wake of Microsoft's plans to buy Nokia's phone business for $7.2 billion, including a portfolio of patents and services.

Elop, who left Microsoft in 2010 to become chief executive of the ailing Nokia, is stepping down to be executive vice president of the company's devices and services before he rejoins Microsoft once the acquisition closes.

Nokia's share price closed down more than 1% at 4.88 euros in Helsinki.


Advertisement
more from Business

Former Infosys executives Bala, Pai plan $100mn global tech fund

Former Infosys board members and chief financial officers TV Mohandas Pai and V Balakrishnan are planning a $100-million (Rs 600-crore) offshore venture fund to invest in technology startups worldwide.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved