FORMER Nokia chief executive Stephen Elop will receive €18.8m (£15.8m) to move to Microsoft as vice president of devices and services, if the software giant’s deal to buy Nokia’s devices business goes through.
The payment marks Elop’s second so-called golden handshake in three years. He was paid $6.2m by Nokia when he arrived in 2010, documents published for Nokia’s upcoming extraordinary general meeting (EGM) revealed yesterday.
Elop’s payment is a combination of €5.65m from Nokia and €13.17m from Microsoft, it covers 18 months of Elop’s base salary, management incentives and accelerated vesting of his stock options. The Microsoft deal to buy Nokia’s devices business was announced on 2 September, and included the transfer of Stephen Elop back to Microsoft, where he worked as head of the business division until 2010.