Linked by Thom Holwerda on Tue 24th Sep 2013 11:44 UTC
PDAs, Cellphones, Wireless

Finland is boiling with rage this weekend over the $25 M bonus payment the CEO Stephen Elop is set to receive as he leaves Nokia after his two-year tenure. Questions are now being raised by the oddest aspect of the bonus: the board of Nokia seems to have given Elop a $25 M incentive to sell the handset unit cheaply to Microsoft way back in in 2010. This effectively means that the board hired a man who was given a giant carrot to drive down Nokia's overall valuation and phone volumes while preparing a sale to Microsoft. What could possibly be a reason to structure Elop's original contract in this manner? Did the board in fact end up promising Elop more compensation in case he sells the phone division than if he runs it with modest success?

Vindication. We were right all along.

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RE: Criminal?
by kwan_e on Tue 24th Sep 2013 12:23 UTC in reply to "Criminal?"
kwan_e
Member since:
2007-02-18

I think the whole parachute-in-a-CEO practice should be made illegal.

Elop reminds me of Reacher Gilt in Going Postal.

Reply Parent Score: 6

RE[2]: Criminal?
by ml2mst on Tue 24th Sep 2013 14:32 in reply to "RE: Criminal?"
ml2mst Member since:
2005-08-27

Elop reminds me of a Dutch TV show, it's called "Who Is The Mole?"
https://en.wikipedia.org/wiki/Wie_is..._de_Mol%3F

Edit: link addet

Edited 2013-09-24 14:36 UTC

Reply Parent Score: 3