Former Nokia CEO Stephen Elop will get a £16m ($25m) payoff when Microsoft’s deal to buy Nokia’s handset business is sealed, it has been revealed.
Elop, who moved to Nokia from Microsoft in September 2010 to run the company, will return to Microsoft when the sale goes through – and Microsoft will fund 70% of his payout.
The news is said to have angered officials in Finland, where Nokia originated, with economic minister Jan Vapaavuori reportedly saying: "I find it difficult to understand the merits of this bonus."
The sale is set to be completed early next year, with around 32,000 Nokia employees transferring to Microsoft.
Shareholders of the Finnish business are due to vote on the purchase on November 19.
