Copying and distributing are prohibited without permission of the publisher
Nokia puts Microsoft man in charge
10 September 2010
Nokia has responded to doubts about its performance in the smartphone sector by ousting its CEO and appointing Stephen Elop of Microsoft
Read more:
Nokia
Nokia Siemens Networks
Microsoft
CEO
Juniper
Adobe
Macromedia
Nokia has appointed Stephen Elop president and CEO in place of Olli-Pekka Kallasvuo, who leaves the company on September 20. Elop, president of Microsoft’s business division, takes over the following day, the first foreigner to run Finland’s biggest company.
Elop, largely unknown in the mobile phone business, has also worked for Juniper, Adobe and Macromedia before joining Microsoft.
Kallasvuo is ousted from the board of Nokia at the same time, but remains non-executive chairman of Nokia Siemens Networks.
Jorma Ollila, chairman of the Nokia’s board and the man credited with transforming Nokia into the world’s biggest mobile phone maker in the 1990s, said: “The time is right to accelerate the company’s renewal.”
He said the Elop “will be able to drive both innovation and efficient execution of the company strategy in order to deliver increased value to our shareholders” and noted that “his strong software background and proven record in change management will be valuable assets as we press harder to complete the transformation of the company”.
Kallasvuo was with Nokia for 30 years and was groomed by Ollila as his successor. He will receive €4.6 million in compensation. GTB