Elop’s deal revised with incentives to ‘tank’ the company? (BB CEO to make $55M if BB is sold?)

Just a quick heads up on what seems to be a rather big story that it’s hit reddit’s front page (but I’m having to do some uni work atm).

There is always two sides to a story but the main one painted here appears to be Nokia’s altering of Elop’s contract which gives him an incentive to ‘tank’ the company.

• http://www.forbes.com/sites/terokuittinen/2013/09/24/nokia-admits-giving-misleading-information-about-elops-compensation/
• http://mobile.theverge.com/2013/9/24/4766072/report-says-stephen-elops-contract-with-nokia-paid-him-to-fail
• http://www.hs.fi/talous/Nokia+antoi+v%C3%A4%C3%A4r%C3%A4%C3%A4+tietoa+Stephen+Elopin+toimitusjohtajasopimuksesta/a1379911626849
• http://yle.fi/uutiset/new_nokia_twist_-_elops_contract_revised_same_day_as_microsoft_deal/6847697
• http://www.forbes.com/sites/terokuittinen/2013/09/21/just-how-inept-was-nokias-board/

Interestingly, as we compare things with Blackberry, their CEO also has incentives to sell.

http://www.bloomberg.com/news/2013-08-15/blackberry-ceo-stands-to-make-55-6-million-in-event-of-sale-1-.html

As we’re flooded with the news that Elop was destined to crash Nokia, here are some interesting opposing opinions:

Sounds like one or two of our commenters:

Some are even saying Nokia never had a chance to begin with. But then again they may be the people that never saw the likes of the N95 or the fact that Nokia had existed and was number 1 for quite a long time. There was and is still potential there.

Cheers All for the tip!

p.s. it’s worth giving this a read. It claims Elop would have made more money if he successfully turned Nokia around – which is what some were shouting about – incentives for the benefit of Nokia.

http://www.wpcentral.com/stephen-elop-getting-millions-for-failure 

Also note here, when we first looked at Elop’s contract. That already mentioned Elop getting more should he leave due to a change in control. Part of the hubbub was due to the current chairman saying Elop’s contract was essentially the same as OPK’s.

http://mynokiablog.com/2011/03/13/nokias-140000-word-2010-report-risks-of-the-nokia-microsoft-partnership-elops-contract-more/

Category: Lumia, Nokia