Stephen Elop of Nokia Receives $6 million Signing Bonus
The Wall Street Journal is reporting that Nokia Corp. has filed paperwork Friday stating that they’re going to pay Stephen Elop a more than $6 million signing bonus,
Mr. Elop, recruited from Microsoft Corp. to revive the ailing handset maker’s fortunes, received a payment of €2.3 million ($3.17 million) in October and is entitled to a payment of $3 million in October 2011, according to a Nokia filing at the U.S. Securities and Exchange Commission.
He also received €509,744 to reimburse fees paid to Microsoft and €312,203 in legal expenses.
An extremely impressive amount, although his base salary is still a little bit less than his predecessor, Olli-Pekka Kallasvuo who made €1.23 million whereas Elop’s base salary is €1.05 million. The signing bonus will certainly be a massive amount of icing on the cake.
Stephen Elop is currently best known for his “burning platform memo” and overseeing the Microsoft-Nokia deal being welded together.
So far, this has been an extremely expensive venture for Microsoft, after paying $1 billion to Nokia to affect placement of Windows Phone 7 OS on their handsets, so perhaps some of that $6 million is a bonus for Elop for his mad skills pulling down that windfall.
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