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Friday, September 10, 2010

Nokia picks Microsoft man as new president and CEO

It's farewell on 20th September to Olli-Pekka Kallasvuo, who'll be leaving his position as President and CEO of Nokia with a severance package of salary, incentives and shares that tops 5 million Euro. However, he'll still be seen at Nokia Siemens Networks, where he'll remain non-executive chairman.

And it'll be hello to Canadian Stephen Elop, who becomes Nokia's President and CEO on 21st September 2010. He's been head of Microsoft's Business Division, having previously worked at Juniper Networks, Adobe and Macromedia.

Jorma Ollila, Chairman of the Nokia Board of Directors, said "The time is right to accelerate the company's renewal; to bring in new executive leadership with different skills and strengths in order to drive company success. The Nokia Board believes that Stephen has the right industry experience and leadership skills to realize the full potential of Nokia. 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. We believe that Stephen will be able to drive both innovation and efficient execution of the company strategy in order to deliver increased value to our shareholders."

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Author: The Fonecast
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