Former Nokia CEO and now Microsoft Executive Vice President Stephen Elop will get a massive compensation package for leaving his former Finnish company, according to a new report on Thursday.
After Microsoft announced last year plans to acquire Nokia's handset business for $7.2 billion, Elop came under fire from shareholders who were concerned that he would net $26 million in severance pay in the transaction. Although Microsoft would pay 70 percent of that sum, shareholders argued that Nokia's 30 percent contribution wasn't in line with the company's performance during Elop's tenure as chief executive.
According to Windows IT Pro's Paul Thurrott, who covers Microsoft extensively, Nokia shareholders might have even more to gripe about now: the actual compensation is $33 million, not $26 million.
The difference, according to Thurrott, is the increase in Nokia's stock value since the acquisition was announced. Despite that, the split between the companies -- 70-30 -- remains in place. Elop will receive $5.5 million in cash, said Thurrott, and the balance in stock.
Microsoft completed its Nokia acquisition last week. Although the companies agreed to a $7.2 billion deal, Microsoft ended up paying $7.5 billion because of the increase in Nokia's value at the time of the closing.
CNET has contacted Microsoft for comment on the increase in Elop's pay. We will update this story when we have more information.