Stephen Elop was a high-ranking executive at Microsoft before heading over to Nokia in September 2010 to be its CEO. Now that Elop is planning to head back to Microsoft after the company's deal to buy Nokia's devices and services business closes, Nokia will be giving Elop a nice going-away present.
The Wall Street Journal reports that, in a regulatory filing today, Nokia announced it will offer Elop a total of €18.8 million (about $25.5 million) when he leaves the company. Elop resigned as Nokia's CEO immediately after the deal was announced a few weeks ago but remains as its executive vice president of its devices and services division. Nokia Chairman Risto Siilasmaa is currently serving as the company's interim CEO.
The regulatory filing shows that Elop will get €14.6 million in equity compensation, along with another €4.2 million in salary and bonuses from Nokia. Elop is currently supposed to head up Microsoft's hardware unit when he returns to the company in the first quarter of 2014. Some have speculated Elop might become Microsoft's new CEO after its current leader Steve Ballmer retires sometime in the next year.
Source: Wall Street Journal | Image via Nokia