Nokia CEO Pay Nosedives as Sales and Profit Decline

Nokia Oyj Chief Executive Officer Olli-Pekka Kallasvuo saw his compensation reduced last year as he received smaller bonus and stock awards on lower sales and profit at the world’s biggest maker of mobile-phones.

Kallasvuo was paid a total of 3.8 million euros ($4.76 million) in 2008, including 1.1 million euros in base salary, the Espoo, Finland-based company said in its 20-F statement filed to the U.S. Securities and Exchange Commission. In 2007, he received 9.3 million euros, including a salary of 1 million euros.

Operating profit excluding one-time items declined 8.6 percent last year as the global recession hurt consumer spending. Sales slipped to 50.7 billion euros. The company’s global market share dipped to 37.7 percent in the fourth quarter, according to research by Gartner Inc. Nokia stock fell 58 percent in 2008, its worst annual decline since at least 1992.

Kallasvuo’s compensation also included shares and stock option awards, changes in pension value, fees for membership in the board, “financial counseling,” medical insurance, car allowance and driver, and mobile-phone expenses, according to the statement.

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