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Old 24-09-13   #1
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Anger Mounts Over $25 Million Award for Stephen Elop





Finnish Prime Minister Calls Award "Outrageous".


Anger is mounting worldwide against Microsoft and the Nokia Board for the $25 million award being given to former Nokia CEO Stephen Elop. Elop will be paid $25.5 million when the deal closes and he jumps to Microsoft. Microsoft will pay approximately 70% of that, with Nokia picking up the rest. Nokia says it amended Mr Elop’s contract as part of the deal to sell to Microsoft and has no explanation as to why this was done.

When Stephen Elop took over at Nokia in 2010, the company had a 34.2% share of the global smartphone market. He made the controversial move to switch to Windows Phone and Nokia's share plummeted to about 3% of the worldwide smartphone market in 2013. Many people say that Elop single-handedly destroyed Nokia so this reward for such performance has left people questioning the move.

Finland’s prime minister told Finnish TV at the weekend that such bonuses could not be justified during difficult times. Calling the pay-off “quite outrageous”, he added: “Apparently the practices of rewards by large corporations all over the world are so exceptional that they cannot be understood with common sense.”

Finlands finance minister, said on her blog that the award could undermine trust. “In addition to the general toxic atmosphere, it may be a threat to social harmony,” she wrote.

There was equally strong condemnation of the move across a broad spectrum of Finns from politicians to workers and unionists and could yet undermine support for the deal.

“It is really appalling,” says Timo Soini, head of the True Finns, the political party which is second in the polls. “Most definitely, people are angry. Of course it has a negative impact on how this deal is seen.”

Timo Koskinen, general counsel of the SAK confederation of trade unions, says: “This year we agreed that every Finnish worker gets only €20 a month [extra] in the first year and 0.4 per cent in the second year. Then we are talking about €19m. It’s just too much.”

“It’s something workers don’t understand. It makes you think about this secret agent (that Elop is a MS mole) talk,” said one Nokia worker in Finland to ft.com.

Of course people who were calling Elop a Microsoft mole sent to destroy Nokia see this as the final proof of Elop's connivance.

Mr Elop declined to comment.

With inputs from Anger at Elop’s Nokia pay-off spreads - FT.com

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Old 25-09-13   #2
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Re: Anger Mounts Over $25 Million Award for Stephen Elop

Trojan horse.

'nuff said.
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Old 25-09-13   #3
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Re: Anger Mounts Over $25 Million Award for Stephen Elop

Originally Posted by ChironX View Post
Trojan horse.

'nuff said.
Hahaha ... do you really believe that ?
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Old 25-09-13   #4
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Re: Anger Mounts Over $25 Million Award for Stephen Elop

Although I hate the Nokia lineup of phones mainly due to the fact that they run the crappy Windows OS, but what I hate more is to see Nokia go down like this. Such a beast in the Industry bought down to it's knees and taken over. I think we all knew this was coming the moment Elop came to the helm. It's no surprise that way.

I think the Finnish government should do a hostile takeover of Nokia and bring it back to it's former glory.
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Old 25-09-13   #5
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Re: Anger Mounts Over $25 Million Award for Stephen Elop

Next stop for Stephen Elop should be Apple's CEO position. Steve Jobs will be turning in his grave!

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Re: Anger Mounts Over $25 Million Award for Stephen Elop

Originally Posted by vijayninel View Post
Hahaha ... do you really believe that ?
He looks more like a Trojan Hippo to me. Horses are way better behaved.
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