Nokia Corporation CEO Stephen Elop will receive 18.8 million euros in compensation ($25.5 million) from the Microsoft deal once shareholders approve of it. The compensation is based on his salary of 4.1 million euros, benefits worth 100,000 euros, and stock awards of 14.6 million euros.
Microsoft will cover 70% of the compensation and Nokia is going to pay the rest. The Microsoft-Nokia deal is expected to close in Q1.
Earlier this month, Microsoft Corporation announced that they would be acquiring Nokia Corporation for $7.2 billion. Elop will be stepping down from the CEO position of Nokia following the deal and will become the executive vice president of devices and sales at Microsoft. Elop is also being considered as a successor to Microsoft CEO Steve Ballmer.