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Nokia Pays Elop More Than $6 Million to Join

Published on March 11, 2011
by Ian Edmondson

Nokia Corp. will pay its new chief executive, Stephen Elop, a more than $6 million signing bonus for joining the world’s largest handset maker, according to documents filed Friday.

Mr. Elop, recruited from Microsoft Corp. to revive the ailing handset maker’s fortunes, received a payment of €2.3 million ($3.17 million) in October and is entitled to a payment of $3 million in October 2011, according to a Nokia filing at the U.S. Securities and Exchange Commission.

He also received €509,744 to reimburse fees paid to Microsoft and €312,203 in legal expenses.
Mr. Elop’s annual base salary is €1.05 million before bonuses, below the €1.23 million base salary of his predecessor, Olli-Pekka Kallasvuo.

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