Nokia to pay outgoing CEO Elop $25 million

HELSINKI (AP) - Nokia Corp. says it will pay outgoing CEO Stephen Elop a compensation package of some $25 million (19 million euros) when he leaves the company to move over to Microsoft.

In proxy statements to shareholders published Thursday, the Finnish company says the amount includes Elop's base salary and equity awards of about 14.6 million euros.

The announcement comes in the wake of Microsoft's plans to buy Nokia's phone business for $7.2 billion, including a portfolio of patents and services.

Elop, who left Microsoft in 2010 to become chief executive of the ailing Nokia, is stepping down to be executive vice president of the company's devices and services before he rejoins Microsoft once the acquisition closes.

Nokia's share price closed down more than 1 percent at 4.88 euros in Helsinki.


(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Top Stories

  • Community In Shock
    2 dead, 4 students struggling to survive after Marysville-Pilchuck High School shooting
ATTENTION COMMENTERS: We've changed our comments, but want to keep you in the conversation.
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.
comments powered by Disqus
Listen to the show
Hear GeekWire on KIRO Radio
Join Todd Bishop and John Cook weekends on KIRO Radio to talk Seattle technology.

Sign up for breaking news e-mail alerts from MyNorthwest.com
In the community
Do you know an exceptional citizen who has impacted and inspired others?
KIRO Radio and WSECU would like to recognize six oustanding citizens this year. Nominate them to be recognized and to receive a $2,000 charitable grant.