Former Nokia boss Stephen Elop set for $25.5M payday as he rejoins Microsoft

elop-ballmer

Stephen Elop and Steve Ballmer. Microsoft photo.

Well, this isn’t too bad for a two-year stint.

Stephen Elop, who took over the reins of Finnish phone giant Nokia in September 2010, is slated to get a $25.5 million payout after he rejoins Microsoft. Microsoft announced its intentions to buy Nokia’s cellphone business for $7.2 billion earlier this month, and as part of the deal Elop is planning to rejoin his former employer.

Microsoft is set to provide 70 percent of the payout, with Nokia covering the rest, according to The New York Times. The Times also reports that Elop initially collected $6.2 million to join Nokia two years ago.

Elop has been discussed as a frontrunner to succeed outgoing Microsoft CEO Steve Ballmer, who announced his plans to step down late last month. The Nokia-Microsoft transaction is expected to get approval next year, and Elop’s $25.5 million payment will occur once the deal is finalized.

Terms of the payout were described in a Nokia filing today.

  • http://www.christopherbudd.com Christopher Budd

    An interesting thing to watch is if he does end up as CEO.

    If he does that gives a lot of validation to the idea that sometimes to get ahead at Microsoft you have to go outside the company where you can move up faster, make those moves, then come back in at a higher level.

    I’ve seen it happen many times, but if he gets the CEO nod that will be a huge validation of that advancement strategy.

    • Guest

      Narrative fallacy in action.