3/8/2013 10:12:52 AM
Nokia CEO's pay almost halved in 2012
Nokia CEO Stephen Elop had his pay almost halved last year, the Finnish manufacturer has revealed.
In its annual report, it said Elop made €4.33 million, compared to €7.94 million in 2011, because of a fall in stock and option awards, as well as him earning no bonus.
The report also revealed that Nokia will ultimately pay Microsoft €500 million for using its Windows Phone 8 operating system. Microsoft pays Nokia €250 million per quarter to support it pushing Windows Phones inot the mobile market. In turn, Nokia makes a royalty payment to Microsoft. Nokia said that while this year Microsoft's support payments would exceed what it pays out in royalties, this would switch in the longer term.
The phone maker reiterated its financial targets of trying to keep its devices operating profit around 10% of sales.
Author: Graeme Neill