Finnish company will end up paying the former Microsoft executive €6.7 in compensation but his basic salary still lower than predecessor
Nokia will pay chief executive Stephen Elop more than €6.7 million in compensation for leaving Microsoft according to company documents filed to the US Securities and Exchange Commission today.
Elop received an initial payment of €2.29 million in October last year and will be able to collect another payment of $2.16 million at the same time later on this year.
The filings also show Elop was given nearly €510,000 to reimburse fees paid to Microsoft and another €312,000 in legal expenses Dow Jones Newswires reports.
Despite the massive payout to Elop, the documents show that his salary (before bonuses) of €1.05 million per year is lower than the man he replaced, Olli-Pekka Kallasvuo who was paid €1.23 million.
The documents also reconfirmed that Nokia’s net global handset sales had fallen by 21 per cent globally to €27.85 million at December 31 2009.