Job done. Ex-man, Stephen Elop, returns from Nokia with £15.9m in his back pocket

Job done. Ex man, Stephen Elop, returns from Nokia with £15.9m in his back pocket

On February 11th 2011 Nokia jumped into bed with Microsoft and announced that Windows Phone would be the OS of choice going forward. Nokia’s CEO Stephen Elop, a former head of the Microsoft business division, has been in the chair since 2010. However, a couple of weeks back Microsoft (in the wake of a possible Nokia Android handset) decided to purchase the Nokia mobile division. Today it has been announced that Stephen Elop will be paid a whopping £15.9m to return to his old company in an arrangement including 18 months base salary and a cash incentive. It’s a transfer fee that would make most premiership footballers proud.

Since the announcement in 2011 we’ve seen the Nokia market share dwindle and many Nokia staff have been laid off. Critics have called Elop a “Trojan Horse” and have seen the placement of a Microsoft staffer as part of a long-term plan to buy the company at a reduced price.

Microsoft will fund 70% of the payoff, and it’s been only three years since Elop was paid £3.9m to take charge at Nokia.

Dare I ask for your thoughts?

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  • Martin

    Blimey, nice work if you can get it :( Now I’m all for people being paid a good high wage so they can have a nice life. But some peoples income is pretty damn obscene. What the hell is he going to do with all that money, in fact what are most millionaires going to do with all that money? Apart from make more of it! I’m gonna stop now otherwise I’ll blather on and on.

  • weirdstuff

    The hatchet man returneth…

  • Eric

    Nice work by Mr Elop, he has either been very clever or been advised well.
    Microsoft have got a bargain price for Nokia, I would doubt very much the company would be such low price if they have started producing Android handsets.
    Can you imagine Nokia 1020 running Android, life dream would have been complete.