Maybe it’s just me.
So the Wall Street Journal is reporting that as a reward for his
debatable stewardship of Nokia, CEO Stephen Elop is being paid approximately 25 million dollars.
Here’s what they had to say..
Chief Executive Stephen Elop is set to receive a compensation package estimated by the Finnish company to be about €18.8 million ($25.4 million), as a result of the $7.2 billion sale of Nokia’s devices business to Microsoft Corp. MSFT +0.96%
Mr. Elop will receive an equity compensation worth about €14.6 million, and an additional €4.2 million in salary and bonus, upon the closing of the sale of Nokia’s devices unit. The deal is expected in the first quarter of next year if it gets approval from Nokia shareholders.
So let me get this straight.
He took the company from being a dominant company all the way down to being acquired by Microsoft and for this he gets 25 million?
How can this be approved by Nokia shareholders? Are they absolutely insane?
To add insult to injury, the article continues..
Mr. Elop has been widely speculated to be a potential successor to Microsoft’s current CEO, Steve Ballmer. He took Nokia’s helm in September 2010 after a career with Microsoft, and will return as part of the handset deal.
What do you all think of this news? Maybe it’s just me?
Use the comments below…