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NewsPoster Sep 19, 2013 02:37 PM
Nokia CEO Stephen Elop to get $25M for Microsoft buyout
Nokia chief executive Stephen Elop is reportedly set to receive 18.8 million euros (~$25.5 million USD) if Microsoft <a href=" y/">completes its buyout</a> 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. <br /><br />The estimated payout was disclosed in a recent Securities and Exchange Commission filing, which was <a href="" rel='nofollow'>spotted</a> by <em>Business Standard</em>.<br />
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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 <a href=" board.committee/" rel='nofollow'>scheduled to retire</a> within the next 12 months.<br />
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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.
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