updated 02:36 pm EDT, Thu September 19, 2013
Compensation package rewards finalized sale
Nokia chief executive Stephen Elop is reportedly set to receive 18.8 million euros (~$25.5 million USD) if Microsoft completes its buyout of the Finnish company's phone business. The severance package will be primarily funded by Microsoft, though Nokia has committed to contributing 30 percent of the total.
The estimated payout was disclosed in a recent Securities and Exchange Commission filing, which was spotted by Business Standard.
Elop will step down from his position as Nokia CEO and is contractually prohibited from immediately taking a job with the company's competitors, save for Microsoft. The executive is widely viewed as a potential successor to Microsoft's current CEO, Steve Ballmer, who is scheduled to retire within the next 12 months.
The Redmond-based software giant has agreed to pay $7.2 billion for Nokia's wireless division, pending regulatory approval and a shareholder vote in November.