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Anger in Finland over huge pay off for Nokia boss

Anger in Finland over huge pay off for Nokia boss
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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.