Sales of Nokia to Microsoft and the subsequent retirement bonus for Stephen Elop awakens rebellion in Finland.
Finland is in turmoil and both State and Finance Minister criticizes open the severance bonus, as Stephen Elop scores after Microsoft’s acquisition by Nokia. It writes our site.
This has caused great indignation in Finland and Nokia stands to be publicly examined as a result of the early retirement scheme. Retirement bonus equivalent to a million euros for each billion euros, as Nokia has lost in value under Stephen Elop. The Financial Times writes.
The Board of Directors of Nokia, however, defends the payout with that Microsoft provides 70 percent of this and refers to Elops contract from 2010, which was negotiated by the former Nokia Chief Executive Jorma Ollila-. Thus to Nokia so “only” pay 30 percent of the 140 million kroner.
However, on the right to keep his Elop bonus and have refused to relax the requirements. He has to Finnish media explained that he is in divorce negotiations and his wife claim half of his bonus. However, it also sounds that Elops contract and bonus are not significantly different from Ollilas, when he resigned as Chief Executive. It writes our site.
This believe, the Finnish newspaper Helsingin Sanomat, however, is not the case. Sales of Nokia had not taken place, so would Elops severance bonus sounds at 18 months salary, which amounts to 4.2 million Euro – now he gets a stock reward of 14.6 million Euro.
Stephen Elops contact contained a passage that he was entitled to a large share bonus if the company changed hands, and if the shares fell sharply and increased after the following – both happened under his leadership. All this information has again triggered speculation about Elop would Nokia the best – or Microsoft’s acquisition by Nokia was carefully planned.