Former Nokia chief executive in divorce controversy

Divorce|News|September 27th 2013

The former chief executive of technology firm Nokia declined to forego some of his leaving bonus because he is going through a divorce, the Telegraph reports.

Stephen Elop stepped down from his role earlier this month to take up a new position with Microsoft, after the software giant agreed to buy Nokia’s mobile phone division.

Elop received a leaving package consisting of cash and shares worth almost £16 million. The company’s value and market share both declined during his tenure as chief executive and the award has caused controversy in Nokia homeland Finland.

According to newspaper Helsingen Sanomat, company chairman Risto Siilasmaar asked Elop to waive some of the bonus but the 49 year-old said he could not do so because he is going through  a divorce. His estranged wife would be entitled to half the leaving package and might not agree to a smaller payment.

Nokia declined to comment on the report.

Nancy Elop, the mother of his five children, currently lives in the US and it is not yet clear whether the divorce will proceed under Finnish or US law. According to a report on Geekwire, her husband filed for the divorce at the beginning of last month, saying their marriage was “irretrievably broken” and they had been separated since the previous October.

Elop became chief executive of the once dominant mobile phone maker in September 2010, overseeing Nokia’s adoption of Microsoft Windows Phone software.

Author: Stowe Family Law

Comment(1)

  1. Tulsa Divorce Lawyer Matt Ingham says:

    Probanly a wise move on his part. Here in Tulsa Oklahoma USAwe litigate the issue of executive bonus on a fairly regular basis. A lot of times, the executive spouse is left disappointed by the judges ruling over the matter.

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