Elop Will Exit Nokia With $25.5 Million, Rejoin Microsoft and 2 Other Hot Stocks to Watch
Nokia Corp. (NYSE:NOK): Current price $6.62
As Nokia’s chief executive, Stephen Elop further developed the company’s connections to Microsoft by making ties with the Windows Phone operating system, and now that Microsoft is taking over the Nokia cellphone arm for $7.2 billion, Elop is going to cash in.
Nokia said Thursday that its former CEO should take some 18.8 million euros, or $25.5 million, with him when he exits the company and goes back to Microsoft. Materials for a shareholder vote on the deal, detail the payment as 4.1 million euros worth of salary and management incentives; 100,000 euros in benefits; and stock awards valued at some 14.6 million euros. Roughly 70 percent of all this will be covered by Microsoft with Nokia obliged to shell out the remainder.