Nokia’s outgoing boss Stephen Elop is set to receive almost 19 million euros in compensation for his contract ending early.
The Finnish company’s phone making business is being bought by Microsoft where Elop used to work until he moved to Nokia three years ago to try to save the company.
He is going back to Microsoft, where he will essentially do exactly the same job – running the company’s handset division.
During his time at Nokia Elop had the company adopt Microsoft’s Windows Phone software for its smartphones and cut a third of the workforce.
The payment to Elop is a year and a half of his base salary plus cash from management incentives and share schemes. Microsoft will pick up 70 percent of the cost of that.
There is anger in Finland over the huge pay off. The country’s economy minister told a newspaper there that it is “difficult to understand the merits of this bonus”.
Nokia’s shareholders will meet to decide on the proposed deal with Microsoft on Nov. 19.
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2International breaking news | euronews online world breaking news in video
- 3Caught red-handed: the Russian Major fighting in Ukraine
- 4Video footage shows massive explosion in Tianjin, China
- 5Ukraine puts top Russian general Gerasimov on ‘most wanted’ list
- 6Why World Elephant Day matters
- 7Latest News Bulletin
- 8Who came out top in the US Republican television debate?
- 9UK: at least 7 dead after plane crashes into road in Brighton
- 10Snowden, Assange and Manning statues unveiled in Berlin
- 11Virginia:TV journalist and cameraman shot dead live on air
- 12ISIL militant group claims to have killed Croatian hostage in Egypt
- 13Earth Overshoot Day…Pushing Mother Nature too far
- 14Windows 10, three weeks on: the good, the bad and the ugly
- 15International news | euronews, latest international news
- 16Bringing the trolls out of the dark: Russian ‘troll’ awarded 1 rouble damages
- 17As ‘Daily Show’ Jon Stewart’s tenure ends, scholars say goodbye to their research topic
- 18Momentum for Mars: Astronauts say mission is inevitable
- 19European Union News | euronews: latest breaking news and headlines about European Union
- 20Scientists find sinkhole cave under Mexico’s Kukulkan Castle Pyramid
Wires > Business
- 03:25 CET Suzuki Motor says it will buy back VW stake as court settles feud
- 01:28 CET Slowing economy hits earnings at top Chinese machinery makers
- 01:10 CET World to Fed – We’re prepared for U.S. rate hike, so don’t delay
- 00:29 CET France’s economy minister calls for euro zone government with…
- 23:32 CET Allianz and Borealis Infrastructure eye London City Airport -…
- 22:24 CET China fears linger as focus on Fed sharpens
- 20:20 CET British peer-to-peer lender Zopa appoints Janardana as CEO
- 16:10 CET Insight – Boeing uses its clout to control supplier consolidation