Nokia's Elop given 18.8 mn euro to move to Microsoft

Stephen Elop is to receive 18.8 million euro pay-off to move from Nokia to Microsoft, only three years after he got USD 6.2 million for moving in the other direction to become the Finnish group's chief executive.

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The award - revealed in proxy materials for Nokia's extraordinary general meeting to be held on November 19 to approve the sale of its mobile phone business to Microsoft - is likely to stoke anger over the deal.

Some in Finland believe that Elop, a former Microsoft executive, had a conflict of interest in selling out to the US technology company while there have also been complaints that the 5.44 billion euro price was too low for what was until last year the world's biggest maker of mobile phones.

Nokia said 70 percent of Elop's pay would be borne by Microsoft with the remainder covered by the Finnish group. It includes 4.1 million euro in salary and bonuses and 14.6 million euro in stock awards.

Risto Siilasmaa, Nokia's chairman who is also acting as interim chief executive after Elop became head of the handsets business, will receive 500,000 euro extra pay for the additional role of which 40 percent will be given in shares.

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