Nokia due to compensate its CEO Stephen Elop with more than $6 million for leaving Microsoft

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

According to the filing, Nokia already paid Elop $3.18 million as a compensation for lost income, and is scheduled to pay a further $3.0 million in October 2011.

Furthermore, 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 arguably some of the most turbulent times in Nokia's history, which is almost century and a half long. Since his appointment, it was announced that Nokia is to make Windows Phone its principal smartphone strategy, and that its main OS at that time - Symbian - is not part of the Finnish company's long-term plans. As for MeeGo, Nokia announced that from now on it's to be developed as a side project.

source: Reuters