Nokia gives CEO $6.2M to offset lost Microsoft payMarch 13, 2011 in Technology / Business
(AP) -- The executive hired to turn around mobile phone maker Nokia is getting $6.2 million to make up for the paychecks he lost when he left Microsoft last fall.
Nokia CEO Stephen Elop received a payment of about $3.2 million (2.3 million euros) last October, according to a filing Friday with U.S. regulators. He is due to receive another $3 million this October.
Elop also received about $710,000 (510,000 euros) to cover money he had to repay Microsoft and another $435,000 (312,000 euros) to reimburse him for legal fees related to his move from Microsoft.
Nokia, based in Finland, set Elop's first-year salary at 1.05 million euros ($1.46 million) and gave him other long-term incentives that included 500,000 stock options.
Elop joined Nokia Corp. in September, ending a two-year stint at Microsoft Corp. He announced last month that Nokia's phones will switch to an operating system made by Microsoft in an attempt to revive the phone maker's fortunes.
©2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
"Nokia gives CEO $6.2M to offset lost Microsoft pay" March 13, 2011 http://phys.org/news/2011-03-nokia-ceo-62m-offset-lost.html