1st-May2014
Nokia's former CEO and now head of Microsoft's
mobile phone division Stephen Elop received a larger than expected pay off from
the deal to sell the phones division.
He earned nearly a third more than the already
locally controversial payout and took USD33.5 million from the deal.
Although payouts of that size are not unusual in
corporate deals of this size in the USA, it raised protests in Finland where he
Elop was seen as profiting from the demise of a local icon.
The main reason for the higher than expected
payout was due to the rise in the value of Nokia shares following the
announcement of the sale, recovering a little of the slump they experienced
under Elop's leadership.
Nokia said that 70% of the pay-off was funded by
Microsoft.
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