Stephen Elop is set to get a $25m payoff when the sale of Nokia to Microsoft is completed, despite the fact he will remain with the firm.
The CEO of the Finnish mobile manufacturer will be named vice president of devices and services at Microsoft after the deal is signed off, but will still receive 18 months’ salary, a cash bonus and his slice of a share incentive scheme run by Nokia.
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The figure was confirmed in documents from Nokia’s extraordinary general meeting (EGM) published yesterday.
This is the second large sum awarded to Elop in three years following a $6.2m golden handshake from Nokia when he joined as CEO in 2010, leaving his former role as head of the business division at Microsoft.
He is now returning to his former company amidst speculation he may take over as CEO of the whole firm when Steve Ballmer steps down within the next 12 months.
The sale of Nokia to Microsoft was announced early in September with an agreed figure of $7.2bn and is expected to close in early 2014.