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Elop’s Nokia “golden parachute” swells to $33 million

30
Apr
2014

Former Nokia boss Stephen Elop will get 24.2 million euros ($33.4 million) in cash and shares after leaving the Finnish company, more than 25 percent higher than originally envisaged following a surge in its share price. Nokia announced in September a 5.6-billion-euro deal to sell its handset unit to Microsoft. Elop himself is returning to the software giant after the deal closed on Friday, and based on Nokias share price in September he had been in line to get around 18.8 million euros for the early termination of his contract. Elop, whose severance payment includes just over 4 million euros in cash, stood down as Nokia chief executive in September and led the phone unit from then until the closing of the deal with Microsoft.

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