Also in today's EMEA roundup: Nokia names decision day for Microsoft deal; Danish operator upgrades with Huawei, Euro-Huaweiland opens its doors.
How much?! Stephen Elop, the former CEO of Nokia Corp. (NYSE: NOK), is in line for a $25 million windfall should the sale of the shrinking Finnish giant to Microsoft Corp. (Nasdaq: MSFT) go through, reports the BBC. The payoff, 70 percent of which will be funded by Microsoft, comprises 18 months of salary plus various other bonuses. Expect more than a few rumblings of discontent -- including references to Trojan horses -- from Finland and beyond. (See The Nokia/Microsoft Conspiracy Theory and Nokia Sells Devices Business to Microsoft .)
Stephen Elop's Christmas bonus, possibly.
And on the subject of the above, Nokia has announced the date of its Extraordinary General Meeting of shareholders to vote on the proposal to sell its Devices & Services business to Microsoft: It's November 19, so let's hope the central heating is working in Espoo on the day.
And to underline its commitment to and hopes for the European market, Huawei has just opened an exhibition center in Amstelveen, the Netherlands. The center will showcase its latest Europe-appropriate products and research. Huawei already employs 7,500 employees on the Old Continent, and plans to hire 5,500 more during the next five years. (See Euronews: Huawei to Hire More Brits.)
Re: How much?! Is there any reason this deal wouldn't go through? If for some reason it didn't, things would get really awkward in the Nokia executive offices--I mean more awkward than they already had been.
PaulERainford, User Rank: Light Sabre 9/20/2013 | 9:02:18 AM
How much?! You have to admire the understatement in the comment on Elop's payoff from Jan Vapaavuori, the Finnish economy minister: "I find it difficult to understand the merits of this bonus."
$25 million - is that all? I think Elop needs o have a word with the Microsoft human resources department --- he is being ripped off!! Delivering Nokia at a cut-down price.... he should be getting way more than that!! Where's the justice???
OK, I have used up all my sarcasm juice for today....
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