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Euronews: Elop Pockets $25M Payoff

Paul Rainford
9/20/2013

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.
    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.

  • Danish operator TDC A/S (Copenhagen: TDC) has signed a six-year, $716 million deal with Huawei Technologies Co. Ltd. for an upgrade of its mobile network, reports Reuters.

  • 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.)

  • SFR , the Vivendi subsidiary that might not be a Vivendi subsidiary for much longer, has launched commercial LTE services in Paris with Nokia Networks , which deployed its Liquid Radio technology. (See Euronews: SFR Drags Vivendi Down.)

    — Paul Rainford, Assistant Editor, Europe, Light Reading

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    DOShea
    DOShea
    9/20/2013 | 9:59:23 PM
    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
    PaulERainford
    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."
    Ray@LR
    [email protected]
    9/20/2013 | 7:45:48 AM
    $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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