Elop won't take smaller failure bonus from Nokia, claiming divorce requires $25M

When CEOs get overpaid for tanking their company in order to make them easier to purchase, they aren’t normally willing to accept less. In the case of Nokia and former CEO Stephen Elop, his reasoning for not taking less is that he’s getting a divorce. Everyone who gets a divorce needs $25 million, right?

According to the early Wednesday morning edition of Finland’s biggest newspaper Helsingin Sanomat, Nokia has pleaded with former CEO Stephen Elop to accept a smaller bonus in order to silence the roar of disapproval and protest now roiling Finland. Drama in Nokia’s home country escalated on Tuesday as it was revealed that Risto Siilasmaa, Nokiia’s chairman of the board, had misrepresented facts last weeks when he claimed that Elop’s bonus arrangements were similar to those of previous chief executives. 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. According to Helsingin Sanomat, Nokia is now srcambling to contain the public relations damage the ongoing drama is causing. Asking Elop to accept a smaller bonus might silence some of the critics — on Tuesday, the head of Finland’s Equity Investor Association called Siilasmaa’s mistaken claims about Elop’s bonus package “unforgivable.”

Read full article