Stephen Elop has some reasons to smile. The former Nokia head has made €24.2 million ($33.4 million) in cash and shares before his return to Microsoft, according to a report from Reuters.
Elop’s compensation ended up 25% higher than what was originally envisaged when Nokia’s acquisition was announced. The surge in Nokia’s share prices would now mean that the executive will take home €5.4 million extra.
Stephen Elop was in line to get around €18.8 million ($25 million) for the early termination of his contract. Microsoft has covered 70% of the total severance payment, while Nokia has taken care of the rest.
In the latest quarter Nokia’s phone division, which is now labelled ‘discontinued operations’ after the completion of the sale to Microsoft, brought in €1.93 billion with an operating loss of €326 million.