Nokia's CEO Elop to get $25 mn pay-off before move to Microsoft

Finnish corporation Nokia has said that it will pay a compensation package of 25 million dollars to CEO Stephen Elop when he leaves the company to move over to Microsoft.

According to news.com.au, the Finnish company announced that the amount includes Elop's base salary and equity awards of about 14.6 million euros, in proxy statements to shareholders.

The announcement comes in the wake of Microsoft's plans to buy Nokia's phone business for 7.2 billion dollars, including a portfolio of patents and services, the report said.

Elop, who left Microsoft in 2010 to become chief executive of the ailing Nokia, is stepping down to be executive vice president of the company's devices and services before he rejoins Microsoft once the acquisition closes, the report added.

Nokia's share price closed down more than 1% at 4.88 euros in Helsinki, the report further said.