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Stephen Elop lands at Microsoft with $33m golden parachute

Nice work if you can get it
Thu May 01 2014, 10:29
Satya Nadella and Stephen Elop together as Nokia deal closes

FORMER NOKIA CEO and EVP of the Microsoft Devices division Stephen Elop will get as much as $33m as a signing bonus.

Elop takes the role at a newly merged outfit that apparently still does not even know what to call itself.

Despite this confusion the market has welcomed the re-installation of Elop, and Reuters reports that as a bonus for this good feeling he will get more cash than previously expected.

The golden handshake severance payment is jointly funded by Microsoft and Nokia. Microsoft is paying the biggest share, 70 percent, and Nokia is picking up the remainder.

Elop has and continues to do well out of the deal. Having worked at Microsoft before, he hopped into Nokia for a while only to go back to Redmond with a lot more money than he had the last time he was there.

The transition has not been all that smooth, though, and Elop has been accused of being a Trojan horse, sent into Nokia to chart its demise.

Elop has denied this, however. "As for the Trojan horse thing, I have only ever worked on behalf of and for the benefit of Nokia shareholders while at Nokia," he said. "Additionally, all fundamental business and strategy decisions were made with the support and approval of the Nokia board of directors, of which I was a member."

The deal saw a lot of money go to the Finnish firm and Microsoft paid €5.44bn for the devices business. µ

 

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