Nokia’s recent filing with U.S. Securities and Exchange Commission revealed their CEO Stephen Elop took a 45 percent cut in his pay package last year. Elop earned 4.33 million euros ($5.63 million USD) in 2012, down from 7.94 million euros a year earlier.

According to Nasdaq, Stephen Elop’s pay included a EUR 1.08 million base salary and a EUR 2.63 million stock award, which depends on certain performance criteria related to Nokia’s share price being met. His base salary actually increased 59,500 euros from the previous year, but his stock and option awards fell.

Stephen Elop didn’t receive any bonus for 2012. He was paid a EUR 473,070 bonus in 2011 and EUR 440,137 in 2010.

For comparison, Apple’s CEO Timothy Cook reportedly earned an estimated USD $4.2 million in compensation for 2012.

Image: Forum PA