Canadian-born Stephen Elop has cashed in on Microsoft’s acquisition of Nokia’s device group.
Elop transitioned away as Nokia’s CEO and is now the Vice President of Microsoft’s Devices & Services business. When the $7.2 billion deal was announced last year Elop stood to make $26 million (USD), but since then Nokia’s stock increased as did the purchase price, which closed at a whopping $7.5 billion. The difference in purchase is an asset for Elop as his takeaway increase to $33 million. Seventy percent will be paid by Microsoft and the remaining 30% by Nokia – the break out is a mix of stock and $5.5 million in cash.
This isn’t the first time a CEO payout has reached this sort level. When Thorsten Heins departed BlackBerry he had a ‘golden parachute’ of $23 million, and more recently Nadir Mohamed retired from Rogers and secured a $26 million package.