Elop, Ex-Nokia CEO refuses to return his €18.8m pay-off

Former President and CEO of Nokia Stephen Elop says he will not give back €18.8 million to his prior company despite mounting political pressure.

STORY HIGHLIGHTS

-Nokia's chairman asked Stephen Elop, former group CEO, to return pay-off
-Elop said no, citing divorce proceedings with his wife
-Nokia gave Elop €18.8 million who returns to former company Microsoft
-Political pressure rising for Elop to return funds

Nokia's chairman asked Stephen Elop, the Finnish group's former chief executive, if he would forgo part or all of his €18.8m pay-off several days ago as the furore over it grew.

People close to Nokia said that as pressure mounted over the weekend from Finnish politicians, including the prime minister, Risto Siilasmaa enquired whether Mr Elop would return some of the money.

Mr Elop declined. According to one person familiar with the matter and the Helsingin Sanomat newspaper, he told Mr Siilasmaa he could not do so as he was in the middle of divorcing his wife. Nokia said it had no comment on the matter.

It is the latest twist in a week-long drama that has brought Nokia, its board and Mr Elop under scrutiny. Criticism of Mr Elop's pay-off peaked on Saturday when Jyrki Katainen, Finland's prime minister, called it "quite outrageous".

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