Nokia Corp. will pay new Chief Executive Stephen Elop more than $6 million in one-off compensation for joining the world’s largest handset maker, according to documents filed Friday. Elop, recruited from Microsoft Corp to revive the ailing handset maker’s fortunes, received a one-off payment of EUR2.3 million in October and is entitled to another payment of $3 million in October 2011, according to Nokia’s 20-F filing with the U.S. Securities and Exchange Commission. He also received EUR509,744 to reimburse fees paid to Microsoft and EUR312,203 in legal expenses.More after the break...
Elop’s base salary is EUR1.05 million before bonuses, below the EUR1.23 million annual base salary of his predecessor Olli-Pekka Kallasvuo. The document shows that Kallasvuo was paid nearly EUR7.2 million up to his ouster on Sept. 20, including severance pay and bonus of EUR4.6 million but he lost out on more than EUR10 million in pension payments and EUR3.9 million in stock and options. His total payment in 2009 was nearly EUR8 million.
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