Nokia's (NOK1V.HE) Chief Executive Stephen Elop took a 45 percent cut in his pay package last year, according to a U.S. regulatory filing, as the company continued losing market share to Samsung (005930.KS) and Apple (AAPL.O) in smartphones.
Elop, hired in 2010 from Microsoft (MSFT.O) to turn the Finnish mobile phone maker around, earned 4.33 million euros ($5.63 million) in 2012, down from 7.94 million euros a year earlier.
While his base salary rose by 59,500 euros to 1.08 million euros his stock and option awards fell slightly and he earned no bonus, according to the filing with the U.S. Securities and Exchange Commission (SEC) on Thursday.
Nokia's shares fell 22 percent last year. The company reported an underlying profit in the fourth quarter thanks to cost cuts but it axed its annual dividend payment for the first time to shore up its cash position.
The SEC filing also included a customary list of risk factors, many of them focused on whether Elop's controversial decision in 2011 to adopt Microsoft's untested Windows Phone software would pay off.
Nokia said on Thursday that it will receive more payments from Microsoft than it pays to the software giant this year, but will be a net payer in royalties from the following year.
It said its payments to Microsoft will exceed what it receives from the U.S. company by around 0.5 billion euros ($650.00 million) over the remainder of their pact.
The two companies have not disclosed how long their deal will last.