Former Nokia chief executive Stephen Elop, will get a giant paycheck of $25 million once Microsoft’s deal to buy Nokia’s phone business is complete.
According to a revised deal with Nokia, Elop will get an estimated $25.4 million including cash and early vesting of stock awards.
Nokia says Elop will receive 18 months of his salary, a cash bonus and proceeds from a share incentive scheme. However, Nokia is only responsible for 30% of the value of that package, with Microsoft getting the remaining 70%, which sparked outrage in Finland.
Elop moved from Microsoft to run Nokia in September 2010 and will return to his former employer when the contract is completed. Of course,Elop is also seen as a top contender to fill Microsoft’s CEO position, with current chief Steve Ballmer saying he intends to resign within a year after a successor is found.
The country’s economy minister, Jan Vapaavuori, reportedly said he“find it difficult to understand the merits of this bonus.”
Earlier this month Microsoft agreed to a deal to buy Nokia’s mobile phone business for $7.2 billion.
The purchase is set to be completed in early 2014, whereinaround 32,000 Nokia employees will transfer to Microsoft.
Nokia shareholders are due to vote on the contract on 19 November.