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HELSINKI, Feb 28 (Reuters) - Nokia NOK1V.HE Chief
Executive Jorma Ollila took a 6-percent pay cut in 2004, earning
reduced bonuses after the world's top mobile handset maker lost
handset market share to rivals due to a patchy phone portfolio.
Ollila pocketed 3.56 million euros ($4.72 million) in salary
and bonuses in 2004, down from 3.8 million in 2003, according to
Nokia's 6-K form filed with the U.S. Securities and Exchange
Commission (SEC) on Monday.
While his base salary rose slightly to 1.48 million euros
last year, Ollila's bonuses fell to 1.9 million euros versus
2.25 million in 2003.
The figures exclude any gains from stock options as well as
grants of performance share units and restricted shares.
Nokia struggled for most of 2004, stunning investors in
April by saying rivals were taking market share due to a lack of
camera and flip-phones and then spending the rest of the year
cutting prices to stem and partially reverse the loss.
The company also lost two of its core group of managers,
with former mobile phones head Matti Alahuhta moving to lift
maker Kone KONBS.HE and Networks head Sari Baldauf leaving for
personal reasons.
Nokia said in the filing that while Baldauf officially left
on January 31, the firm will retain her as a consultant from
February to end-June.
"The compensation related to the consultancy will be based
on Ms. Baldauf's base salary for 2004 with a potential addition
of a normal management incentive for the first half of 2005,"
Nokia said.
Ollila, 54, who took over Nokia in 1992 and steered the firm
to the top of the mobile phone world, remained by far the
highest paid executive in 2004, earning more than the next three
top earners -- Nokia President Pekka Ala-Pietila, Alahuhta and
Baldauf -- combined.
((Reporting by Brett Young; Reuters messaging:
[e-mail]; tel [phone];
e-mail: [e-mail]))
($1=.7543 Euro)

Mon Feb 28 18:59:37 2005 -GMT- pnac (nL28144960) = 1 18:59