Nokia's Present & Future
- Thread starter Arun
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french toast
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http://m.gsmarena.com/stephen_elop_...lion_in_his_return_to_microsoft-news-6823.php
" Stephen Elop has a reason to smile these days. According to a report in The New York Times, Nokia’s former CEO will make more than $25 million in his return to Microsoft after Nokia’sacquisition deal*closes."
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Starting to look like it. If true, I just want to say that Elop and the other board members at Nokia must be incredibly stupid.
It's common for CEO contracts to have accelerated payout clauses of golden parachutes in case when there are material changes in the company structure. It'd be remarkable if this had not been the case for Elop, especially because he boarded a sinking ship. If this is your conclusive evidence, then you might as well say that pretty much all CEOs are in on some conspiracy.
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OPK did not have that clause, so I guess his contract was remarkable. Nonetheless, Nokia's BoD told the shareholders that Elop's contract was the same as OPK, which turned out a lie.
Care to explain why Elop's contract was changed at the last minute so that he would receive benefits even if he was fired before the sale, as well as lifting up the restrictions that would've stopped him from working at a competitor (Microsoft) during 12 months after the sale?
Apparently, he's refused a reduced bailout because he's already promised the bailout money to his wife during the divorce.
It seems things are heating up in Finland. It's not that this news is relevant per se but it shows that Elop and Nokia's BoD really seem to have the bulk of Finland's mass media and government up their ass.
The timing for the whole Elop contract thingie is just bad. For the past month or so (before the news about the Elop's contract broke out), there has been an ongoing discussion about the wages and bonuses of the corporate leaders here in Finland. There has been many scoops like "the leader of company X received Y millions last year" in the news. This has made Elop's contract easy target.
Personally I'm not sure why this is even discussed. It's not like Elop can decide his own contract. And it's Microsoft who is going to pay most of Elop's money so what's the problem?
Personally I'm not sure why this is even discussed. It's not like Elop can decide his own contract. And it's Microsoft who is going to pay most of Elop's money so what's the problem?
Yes golden handshakes are normal but I wasn't talking about that. I don't think you read the articles. Which certainly was not normal business practice. Eg
Standard business practice
Hmmm let me see aka not sure if this guy was serious or not
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zed, Miksu's opinion is that everything is just a big misunderstanding and Elop is actually just a jolly good fellow and a victim of the big bad press.
*Sigh*
I think I'll grab some popcorn and enjoy the show.
In my opinion, this should go to court, but I don't think there is any legal ground to stand on. There was nothing illegally done here. Elop could have sold the Nokia device business to a different company and he would've still come out with the same bonuses.
I think I'll grab some popcorn and enjoy the show.
In my opinion, this should go to court, but I don't think there is any legal ground to stand on. There was nothing illegally done here. Elop could have sold the Nokia device business to a different company and he would've still come out with the same bonuses.
Exactly. It is no different than Stanley O'neal getting $160M for running Morgan Stanley into the ground or Mack doing the same for Merrill Lynch. Ethical? Of course not. Conspiracy? Not in the way Totz and friends think it is.
As for Tomi: he still believes Nokia was positioned just fine with smartphones before Elop. Yeah...
And Oli Pekki not getting his bonus: bad negotiator? Not used to the American way of demanding golden parachutes? Weaker starting position to ask for on?
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D
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Aaaand.. we're back to trying to twist the facts.
Tomi Ahonen never said Nokia was just fine with smartphones before Elop.
He always said that a drastic change in execution was needed in the company.
Not to confuse with the fact that Nokia was making money, in increasing amounts quarter after quarter, well until the "burning platform" Hara-Kiri.
Money -> not marketshare.
As for the conspiracy stuff, we'll see how this develops.
All EU countries have clauses in their constitution protecting their people's best interests.
If Finland's supreme court becomes convinced that Elop purposedly ended the jobs of thousands of finnish people and destroyed billions in patrimony just to get his bonus, then he's going down.
And Microsoft would be the first to run away from all this with their ass between their legs.
Tomi Ahonen never said Nokia was just fine with smartphones before Elop.
He always said that a drastic change in execution was needed in the company.
Not to confuse with the fact that Nokia was making money, in increasing amounts quarter after quarter, well until the "burning platform" Hara-Kiri.
Money -> not marketshare.
As for the conspiracy stuff, we'll see how this develops.
All EU countries have clauses in their constitution protecting their people's best interests.
If Finland's supreme court becomes convinced that Elop purposedly ended the jobs of thousands of finnish people and destroyed billions in patrimony just to get his bonus, then he's going down.
And Microsoft would be the first to run away from all this with their ass between their legs.
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The fact that this wasn't disclosed to shareholders, but was known to the board (and who else?) couldn't constitute insider trading. Would be interested to look at any significant stock movements...either way giving the public (read: shareholders) false information is illegal as it seeks to manipulate share price.
french toast
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Yea nokia tried to cover up the massive pay off and lied about it.
" So in theory Elop’s*contract, approved by the board, would incentivize*Elop to run the company in to the ground and sell the company to then pocket a cool $25 million."
http://m.technobuffalo.com/2013/09/...act-has-incentives-to-wreck-and-sell-company/
Finland is in outrage over this, nokia has asked if elop can give some of his money back. .he says he cant because hes "getting divorced".
http://www.ubergizmo.com/2013/09/stephen-elop-reportedly-declines-nokias-request-for-a-payday-cut/
This man is an absolute disgrace, I hope a legal investigation is undertook.
" So in theory Elop’s*contract, approved by the board, would incentivize*Elop to run the company in to the ground and sell the company to then pocket a cool $25 million."
http://m.technobuffalo.com/2013/09/...act-has-incentives-to-wreck-and-sell-company/
Finland is in outrage over this, nokia has asked if elop can give some of his money back. .he says he cant because hes "getting divorced".
http://www.ubergizmo.com/2013/09/stephen-elop-reportedly-declines-nokias-request-for-a-payday-cut/
This man is an absolute disgrace, I hope a legal investigation is undertook.
Before elop, Nokia does still get nice profit from their handset.
Their marketshare does shrunk (in percentage), but its still a healthy profit.
Btw nokia never market their symbian smartphone correctly.
In here, many people with symbian phone never realize that their phone are actually a smartphone that can do many things that android or blackberry (super popular here) can do.
They does not know that Symbian can:
- multitask easily
- be used for work (office, email, remote desktop, etc)
- social media
- chat client
- content consumption (youtube stream, music stream)
Nokia also very late in introducing the App Store.
Googling symbian app almost always result in pirated .sis files instead of market link.
thus resulting many people dont know that
- Symbian can be installed with whatever app/games/emulator.
*by "many" i means people that i met on school, mall, train, another town, etc.
Their marketshare does shrunk (in percentage), but its still a healthy profit.
Btw nokia never market their symbian smartphone correctly.
In here, many people with symbian phone never realize that their phone are actually a smartphone that can do many things that android or blackberry (super popular here) can do.
They does not know that Symbian can:
- multitask easily
- be used for work (office, email, remote desktop, etc)
- social media
- chat client
- content consumption (youtube stream, music stream)
Nokia also very late in introducing the App Store.
Googling symbian app almost always result in pirated .sis files instead of market link.
thus resulting many people dont know that
- Symbian can be installed with whatever app/games/emulator.
*by "many" i means people that i met on school, mall, train, another town, etc.
