Stephen Elop’s Nokia payoff boosted to €24.2m

It's a story we're hardly unfamiliar with in the business world – a company tanks, and the CEO staggers off into the sunset, barely able to walk away under the weight of gold he's carrying from his partaking handshake.

The ex-CEO of Nokia, Stephen Elop, had already caused steam to hiss from a number of ears with his initially reported handshake of €18.8 million (£15.5 million), but in actuality, he received an even bigger loot haul, bagging €24.2 million (£19.9 million), the BBC reports.

That's a 29 per cent increase – a lot of which comes in the form of Nokia shares, and these have risen in value since the acquisition was first inked; hence the boost in Elop's payment.

Not bad for the man who took the rudder in 2010 and steered Nokia into the rocky waters of Windows Phone, plunging the company's share price into an abyss in 2012.

There have always been dark whispers that Elop – who was a Microsoft man before being made CEO of Nokia – was put in place by Redmond as a Trojan horse, leading the company down this path to be swallowed by Microsoft (which officially acquired Nokia's phone business at the end of last month).

Apparently 70 per cent of Elop's payment was funded by Microsoft, and Nokia underlined the fact that he was due this payoff as part of his contract (a contract revised on the day the Microsoft deal was announced, as we discussed in our recent article on tech's top 10 Judas moments).