Stephen Elop surely has a good reason to smile these days. According to a report in The New York Times, Nokia’s former CEO will make more than $25 million in his return to Microsoft after Nokia’sacquisition deal closes.
Mr. Elop’s payout will be composed of salary, management incentives, and stock awards. The latter make for the bulk of the $25+ million he will take home. Microsoft will cover 70% of the payment, while the rest will come from Nokia.
Elop vacated his post as Nokia CEO and President and took a role in the Finnish company as an executive vice-president. He will retain this position until the closing of Microsoft’s acquisition of Nokia. Afterwards, Nokia’s former chief executive will return to Redmond as head of the expanded devices division.
The massive payout marks a highly profitable three-year tenure in Nokia for Stephen Elop. The executive took $6.2 million when he joined the company three years ago.
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