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.
Copyright © 2014 euronewsMore about:
- 1New major vehicle recall by Toyota
- 2Global wealth increases along with inequality
- 3Rouble slumps further putting pressure on Russian central bank
- 4Russia plans sanctions protection, European businesses complain of being ‘sacrificed’
- 5Ireland ends austerity, closes tax loophole for multinationals like Apple and Google
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Iraq: Baghdad rally held against US ‘occupiers’ | euronews, world news
- 3Now is ‘right time’ for Catalonia independence vote, says Mas | euronews, world news
- 4Vatican rocked by another paedophilia scandal | euronews, world news
- 5Two container ships collide on Egypt’s Suez Canal | euronews, no comment
- 6British Muslims’ message to ISIL: Not in my name! | euronews, world news
- 7Ukraine: Donetsk rebel weapons factory blows up | euronews, world news
- 8Sweden becomes first European nation to recognise Palestine | euronews, world news
- 9Algeria: ISIL offshoot releases video threatening French hostage Hervé Gourdel | euronews, world news
- 10Emma Watson threatened with naked photos leak after UN equality speech | euronews, world news
- 11How nasheeds became the soundtrack of jihad | euronews, world news
- 12Iceland volcano ‘pollutes Paris’ | euronews, world news
- 13Learning through “serious games” | euronews, learning world
- 14International tv news | euronews: European and International tv news bulletin
- 15euronews speaks to Ban Ki-moon ahead of key UN and climate change talks | euronews, the global conversation
- 16Ebola: Six new suspected cases in Spain | euronews, world news
- 17European Union News | euronews: latest breaking news and headlines about European Union
- 18Thousands ‘evade’ Ebola lockdown in Sierra Leone | euronews, world news
- 19Mike Tyson: ‘You learn humbleness when you get older in life’ | euronews, the global conversation
- 20US delivers technical aid to Ukraine but warns over security | euronews, world news
Wires > Business
- 01:23 CET AbbVie says $55 billion acquisition of Shire officially dead
- 01:06 CET Lockheed says has plan to catch up on F-35 deliveries by year-end
- 01:02 CET Analysis- IBM struggles to reinvent itself in an age of cloud
- 00:21 CET AbbVie says $55 billion acquisition of Shire officially dead
- 00:17 CET New Microsoft CEO pay tops $80 million with big stock awards
- 00:14 CET Apple’s iPhone sales beat Street but iPad volumes slide
- 00:11 CET Actavis, Sanofi among bidders for Omega Pharma- Bloomberg
- 23:48 CET Apple’s iPhone sales beat Street but iPad volumes slide