Sunday, March 13, 2011

Nokia due to compensate its CEO Stephen Elop with $6 million for moving from Microsoft

Nokia's annual 20-F form shows that the Finnish giant is due to pay its current CEO Stephen Elop over his move from Microsoft is more than $6 million.

Nokia already paid Elop $3.18 million as a compensation for lost income, and is scheduled to pay a further $3.0 million later this year.

In case you were wondering, as a CEO of Nokia, Elop has a base salary of $1.45 million per year.

Stephen Elop has been a Nokia CEO for mere months, but these are some of the most turbulent times in Nokia's history. Since Elop's appointment, it was announced that Nokia is to make Windows Phone its main smartphone strategy, and that Symbian is not part of the Finnish company's long term plans. As for MeeGo, Nokia announced that it will be developed as a side project.

Does anyone think money is being wasted, or that Elop deserves them ? Let us know in the Comments Section !