Nokia Corporation (ADR) (NYSE:NOK) Anticipates Elop’s Compensation Of $25.5 Million
Chief Executive Stephen Elop of Nokia Corporation (ADR) (NYSE:NOK) is ready to get a compensation package projected by Nokia to be valued about 18.8 million euros which makes almost $25.5 million, as an outcome of the $7.2 billion sale of the company’s devices commerce to Microsoft Corporation (NASDAQ:MSFT).
Mr. Elop has been extensively considered as a successor to Microsoft’s existing CEO, Steve Ballmer. He took Nokia’s controls in September 2010 after a line of business with Microsoft. He will get an equity compensation valued about EUR14.6 million, and an extra EUR4.2 million in salary and bonus, ahead of the concluding sale of Nokia’s devices entity. The deal is anticipated in the first quarter next year if it gets authorization from shareholders of Nokia.
Nokia shareholders’ proxy report, which was published in advance of a superior general meeting scheduled for November holds the compensation details. At that meeting, shareholders of Nokia have to vote on takeover bid by Microsoft Corporation (NASDAQ:MSFT). Nokia stated in the proxy statement that in addition to viewing Microsoft’s offer, the Finnish company also watched at a epidemic of other alternatives, including selling a few or all of the business to a different company or reforming its present partnership with Microsoft.
According to Nokia, Microsoft has assured to give 70% of the compensation package to Mr. Elop, whereas Nokia will be paying the outstanding 30%. Mr. Elop has received a total of EUR9 million in salary and bonuses from the joining date of Nokia.
Risto Siilasmaa, the Chairman of Nokia has been working as an interim CEO. Nokia is still thinking to name a successor to run the corporation. Nokia is also continuing HERE mapping business, which it constructed up following the $8.1 billion possession of U.S. mapping company Navteq in 2007. In addition, it is looking forward to run a separate unit, only concentrating on monetizing Nokia’s immense collection of patents, which produces annual licensing revenues of approximately EUR500 million. Nokia Corporation (ADR) (NYSE:NOK) shares 0.15% to $6.72 in current session.