Nokia's Board of Directors has appointed Stephen Elop President and CEO of Nokia. He will assume the role beginning September 21.
"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," said Jorma Ollila, Chairman of the Nokia Board of Directors. "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," added Ollila. "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."
"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," Elop 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's current President and CEO Olli-Pekka Kallasvuo will leave on September 20. He has also stepped down from his role on Nokia's Board, but will continue to chair the Board of Nokia Siemens Networks in a non-executive capacity.
Kallasvuo has been with Nokia for thirty years and he will get 4.6 million euro in severance as well as compensation for 100,000 Nokia shares he was granted in 2007. Asymco has an interesting theory
about why Kallasvuo was fired.