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Microsoft purchase of Nokia makes Elop $33 million richer

Posted: , posted by Alan F.

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Microsoft purchase of Nokia makes Elop $33 million richer
Now that Microsoft's purchase of Nokia Devices and Services has closed,  the final price of the transaction has been determined. Based on a rise in Nokia's stock price, the final value of the acquisition was $7.5 billion, up from $7.2 billion at the the deal was made. Nokia's CEO at the time the deal was struck, Stephen Elop, worked out a golden parachute deal under which he would receive a $26 million severance payment. 70% would come from Microsoft and 30% from Nokia. But the rise in the stock price also affected Elop's payment in his favor.

Instead of the $26 million that he originally was scheduled to receive, Elop will now receive $33 million according to a published report. The executive will receive $5.5 million in cash with the balance consisting of stock. The ratio of the payout remains 70% from Microsoft and 30% from Nokia.

There are many Nokia stockholders and supporters who will tell you that Elop's deal is quite generous compared to Nokia's performance under his tenure. Now that Devices and Service belongs to Microsoft, so does Elop, whose new business cards read vice president of  Microsoft's Devices and Services.

source: CNET

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