So I knew I wasn’t crazy!
A few days ago I expressed my outrage about the fact that former Nokia CEO Stephen Elop was getting 25 million dollars for giving his current company to his former company.
It’s not rocket science but on it’s face it seemed weird.
Well, seems like the outrage has grown…. check this out from BGR.
According to the early Wednesday morning edition of Finland’s biggest newspaper Helsingin Sanomat, Nokia has pleaded with former CEO Stephen Elop to accept a smaller bonus in order to silence the roar of disapproval and protest now roiling Finland. Drama in Nokia’s home country escalated on Tuesday as it was revealed that Risto Siilasmaa, Nokia’s chairman of the board, had misrepresented facts last weeks when he claimed that Elop’s bonus arrangements were similar to those of previous chief executives.
It’s the lies that get you
You see the problem was Risto Siilasmaa, Nokia’s chairman of the board had misrepresented the fact that Mr. Elop’s salary was consistent with the salary structure of their previous CEO’s.
His contract had, in fact, been radically revised to include a massive accelerated pay-out that was triggered by the upcoming handset unit sale to Microsoft.
The Finnish media need to keep the pressure on this company because this whole thing stinks to high heaven. It is debatable if this acquisition was really in the best interest of Nokia.
Further more, it’s very debatable that going the Windows Phone route EXCLUSIVELY was in the very best interests of the company.
Finally, The fact that Mr. Elop was a former Microsoft employee constituted a very real (no just perceived) conflict of interest. It seems to me that the board at Nokia was either asleep at the wheel or complicit in what seems like a very “interesting” deal.
To add to all this bullshit, it seems that this drama is being driven ( in part) by the speculation that Mr. Elop is resisting Nokia’s pleas to reduce his bonus because he is getting divorced. Apparently Mr. Elop believes he cannot make his wife accept a reduction in the $25 million severance package.
The authorities need to take a deeper look at this mess. You can’t even make up crap this ridiculous.
What do you all think?