Stephen Elop, Nokia Chief Executive, took a 45 percent cut in his pay last year due to Nokia losing market share in smartphones to Samsung and Apple.
Hired back in 2010 form Microsoft to help turn Nokia around, Elop earned 4.33 million euros in 2012, down form the 7.94 million euros in 2011.
Even though his base salary rose by 59,500 euros to 1.08 million, Elop’s stock and option awards fell slightly and he received no bonuses.
His 2011 compensation included around 2 million euros to make up the income difference from his move from Microsoft to Nokia.
Last year, Nokia’s shares fell 22 percent. Nokia actually reported profit in the fourth quarter, but only thanks to cost cuts. Nokia has axed their annual dividend payment for the first time assist with their profit losses.
The U.S. Securities and Exchange Commission filing in Thursday included a list of risk factors, many of them focused on Elop’s 2011 decision to adopt Microsoft’s untested Windows Phone software for the company.
Nokia has said that it will receive more payments from Microsoft than they will have to pay them this year; however, they will become a net payer in royalties starting in 2014.
If you would like to read the original story of Nokia’s downward financial plunge, Click Here.
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