Nokia’s Elop Takes Massive Pay Cut, Still Making $5M Plus

As Nokia struggles to regain relevancy in a mobile market dominated by Apple and Samsung, Stephen Elop, the company's chief executive officer, took a 45 percent pay cut in 2012, according to a U.S. regulatory filing. No need to head off to the pantry and put together a care package for Mr. Elop, however, as he still took home 4.33 million euros, or around $5.63 million in U.S. currency, so it's safe to say he's not going hungry anytime soon.

Mr. Elop earned 7.94 million, or around $10.3 million, in 2011. His base salary was actually higher in 2012 than in 2011, but his stock option awards declined and he didn't earn a performance bonus, Reuters reports.

Nokia Store
Image Source: Flickr (nechbi)

Prior to being hired by Nokia in March of last year (of which he received a $6 million signing bonus), Mr. Elop worked for Microsoft as the head of the Business Division. That may have played a role in his decision to essentially go all-in with Microsoft's Windows Phone platform, gambling on unproven software at a time when Android usage is at an all-time high.

Though it's relatively early, Windows Phone isn't yet providing a ton of competition to Android or iOS. Even still, Nokia managed to squeak out a profit last quarter, in party by selling more than 4 million Lumia smartphones.