Elop is to transfer to Microsoft once Nokia’s devices and services division is sold to Microsoft for 5.4 billion euros, and gave up the top job at Nokia to avoid the appearance of a conflict of interest during the interim period. He will receive 4.2 million euros in salary and bonuses and 14.6 million euros' worth of share price-linked bonuses.
The stock-linked bonus was determined by Nokia’s share price on 6 September, three days after the Microsoft deal had prompted a spike in the stock’s value. Over the course of Elop’s three-year tenure, Nokia shares shed significant value.
The payments were criticised by the head of the Finnish small investors' association, Timo Rothovius.
"If you look at how Nokia has done under Elop, it's done really badly," said Rothovius. "When you consider that, it sounds like quite a large sum."
Lauri Lyly, chair of the blue-collar trade union confederation SAK, agreed.
"This just goes to show that business leaders' bonuses and remuneration have gotten completely out of hand," said Lyly. "They are now so large that the ordinary person cannot understand them at all. There is no end to their greed."
Nokia is to pay 30 percent of Elop’s package, with Microsoft picking up the tab for the rest. The deal means Elop's pay-off will amount to 17,500 euros for each day he worked at Nokia.
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