Nokia, once the world’s biggest mobile phone maker, said Thursday chief executive Stephen Elop received no bonus in 2012 when the company posted huge losses, reducing his overall pay slip by 45 percent.
According to Nokia’s annual report filed to US stock exchange authorities, Elop’s earnings dropped from 7.995 million euros ($10.46 million) in 2011 to 4.334 million last year.
While Elop’s fixed salary increased by six percent in 2012 to 1.08 million euros, his performance bonus was reduced to zero from 473,070 euros in 2011.
Other forms of remuneration, including deferred compensation, stocks, stock options and benefits, were 50 percent lower than the previous year.
Nokia more than doubled its net losses in 2012, to 3.106 billion euros. The company has said the worst is now behind it and posted a profit in the fourth quarter of last year, its first quarterly profit in 18 months.
Nokia lost its position as the world’s biggest mobile phone maker to Samsung last year after dominating the market for more than a decade, and it now lags Smartphone rivals such as Apple and Samsung.
Under Elop, a former Microsoft executive who took the reins of Nokia in 2010, the Finnish company has abandoned its Symbian platform in favor of new Microsoft Windows-based handsets.