Nokia’s Stephen Elop to Get $25.4 Million Payout, Most of the Money Coming From Microsoft

Former Nokia CEO Stephen Elop stands to get a giant paycheck once Microsoft’s deal to buy the Finnish company’s phone business is complete.

According to a revised contract with Nokia, Elop — a former Microsoft employee — will collect an estimated $25.4 million ($18.8 million euros), including cash and early vesting of stock awards, when Microsoft’s $7.17 billion purchase of Nokia’s devices business closes. But Nokia is only responsible for 30 percent of the value of that package, with Microsoft picking up the remaining 70 percent.

The pay package was noted Thursday as part of a Nokia proxy filing.

Elop agreed to step down as Nokia CEO the day the Microsoft deal was announced, and now serves as the executive VP of the Nokia devices and service business. He is expected to join Microsoft as head of its devices and services business when the deal closes sometime in the first quarter of 2014.

Of course, Elop is also seen as a top contender to fill Microsoft’s CEO spot, with current chief Steve Ballmer saying he intends to step down within a year after a successor is found.

Meanwhile, Nokia said it is also providing additional pay to interim CEO Risto Siilasmaa and CFO Timo Ihamuotila, who is interim president of Nokia. Siilasmaa will get 500,000 euros ($676,300) in a mix of stock and cash, while Ihamuotila will get 250,000 euros ($338,150) in cash, and that same amount in a combination of options and restricted stock.