Finnish mobile phone manufacturer Nokia has announced that the head of Microsoft’s Business Division Stephen Elop is to become its new President and CEO.
Canadian born Elop will replace Olli-Pekka Kallasvuo in the role from September 20.
“I am extremely excited to become part of a team dedicated to strengthening Nokia’s position as the undisputed leader of the mobile communications industry, with a relentless focus on meeting the needs and expectations of customers,” he said.
“Nokia has a unique global position as well as a great brand upon which we can build. The company has deeply talented and dedicated people, and I am confident that together we can continue to deliver innovative products that meet the needs of consumers. The Nokia slogan clearly states our key mission: Connecting People, which will acquire new dimensions as we build our portfolio of products, solutions and services.”
Nokia was rumoured to be searching for a replacement for Kallasvuo – who has been with the company for 30 years and his whole working career – as it announced its half year results in July and revealed that some of its huge market share had been wrestled away by the iPhone and over smart phone devices. The Fin will also resign from the company’s board but he is to retain his position as chair the Board of Nokia Siemens Networks in a non-executive capacity. His golden handshake will amount to 4.6 million euros plus the value of the 100,000 restricted shares he received in 2007. That value will be determined on October 1.
Jorma Ollila, Chairman of the Nokia Board of Directors, thanked Kallasuvo for his service. “His dedication and contribution throughout the years has been exceptional. The Board wishes him every success in his future pursuits,” said Ollila.
Elop’s CV also boasts senior management positions at Juniper Networks, Adobe Systems Inc. and Macromedia Inc.