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Nokia’s Elop Caught in $25M Bonus-Divorce Scandal

Posted: Sep 25 2013, 4:00am CDT | by , in News | Misc

 

Nokia’s Elop Caught in $25M Bonus-Divorce Scandal
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Nokia’s CEO Stephen Elop is caught in a bonus-divorce scandal of sorts. He wants the $25 million bonus he was promised by the company in order to be able to pay for his costly divorce.

The CEO of Nokia is leaving the company soon. He was favored by being promised $25 million in total emoluments for the favor he lent Nokia by selling it to Microsoft. However, this practice was unfair since the other Chief Executive Officer who left received far less than Elop. The whole thing had been kept under wraps. 

But now that Finland’s largest newspaper, Helsingin Sanomat, has uncovered the truth, all of the public and the press are in a state of fury. BGR reports that, "Nokia was forced to admit on Tuesday morning that Elop had in fact received a contract that seemed to have been designed to guarantee a quick $25 million pay-off if Elop was able to sell the handset unit." But now with so much controversy dogging its steps, Nokia is trying its best to convince Elop to accept a reduced amount. But Elop has his upcoming divorce as the perfect alibi. He says he needs the money in order to pay his ex-wife. 

At least, 70% of the money will be paid by Microsoft with the rest being shelled out by Nokia. The problem is the embarrassment and censure the scandal brings in its wake. To most Finns it appears that the man sold Nokia’s phone business to Microsoft at a low rate and pocketed the commission in order to pay for his costly separation from his spouse. The whole thing reeks of underhand dealing. And that coupled with the fact that the salary bonus was kept a secret makes it all appear to be a sneaky move that radiates injustice and shady behavior.

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<a href="/latest_stories/all/all/20" rel="author">Sumayah Aamir</a>
Sumayah Aamir (Google+) has deep experience in analyzing the latest trends.

 

 

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