Nokia has revealed how much it paid to its CEO Rajeev Suri in terms of salary and other allowances in 2018 and 2017.
Nokia CEO Rajeev Suri received total salary of 4,651,009 euros in 2018 as compared with 6,423,559 euros in 2017. Rajeev Suri received lower salary last year because of the poor performance of Nokia.
Nokia has increased the base salary of Rajeev Suri to 1,300,000 euros in 2019 after paying 1,050,000 euros in the last three years.
Nokia pays over 80 percent of the president and CEO’s compensation based on performance. Nokia’s revenue growth was strong in 2018, while profit and cash flow performance were below expectations.
Nokia said the total salary paid to 14 members of Group Leadership Team (excluding CEO) in 2018 was 24.1 million euros as compared with 27.3 million in 2017.
Nokia said the remuneration of the members of the Group Leadership Team (excluding the CEO) consists of base salary, fringe benefits and short- and long-term incentives and follows the same policy framework as the President and CEO and other eligible employees, except that the quantum differs by role.
Nokia did not reveal the individual salary of its Group Leadership Team members in 2018. Basil Alwan, Hans-Jurgen Bill, Kathrin Buvac, Ashish Chowdhary, Joerg Erlemeier, Barry French, Sanjay Goel, Bhaskar Gorti, Federico Guillen, Kristian Pullola, Sri Reddy, Maria Varsellona and Marcus Weldon were part of Group Leadership Team members in 2018.
Gregory Lee, president of Nokia Technologies; Igor Leprince, president of Global Services; Marc Rouanne, president of Mobile Networks; and Ashish Chowdhary, chief customer operations officer left Nokia during 2018.
The outlook for Nokia’s business remains positive given the: upcoming investment cycle in 5G, and differentiated end to end portfolio as operators invest in and update their networks across multiple domains; the progress made in the Nokia Software business; and the Nokia Enterprise business rapidly becoming a pillar of growth.
Nokia in Q4 2018 re-organized the structure for sharpening customer focus, and driving focus and alignment around growing four core businesses: Nokia Networks; Nokia Software, Nokia Enterprise and Nokia Technologies.
“We expect these changes will increase the probability of delivering the mid- and long-term targets that will drive the value creation our shareholders expect. The new structure became effective from January 1, 2019,” Nokia said in a report.
Baburajan K
