Nokia replaces CEO with Microsoft exec

Stephen Elop starts work they day after Kallasvuo departs later this month
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Nokia has confirmed that its president and CEO Olli-Pekka Kallasvuo will leave the company on 20 September, to be replaced by Microsoft’s Stephen Elop.

Elop, who starts work the following day, is currently head of Microsoft's Business Division, with previous senior positions at Juniper Networks, Adobe and Macromedia.

"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," says Jorma Ollila, chairman of Nokia's board of directors.

Rumours of Kallasvuo's departure have been flying for several months. Today's announcement means his keynote at next week's Nokia World conference will take on a valedictory feel.

There are a few clues about how Elop's appointment will change Nokia's strategy in the announcement.

"The Nokia Board believes that Stephen has the right industry experience and leadership skills to realise the full potential of Nokia," says Ollila.

"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 is also quitting his position on Nokia's board, although he's walking away with a generous severance payment of around 4.6 million Euros, plus payment for 100,000 restricted Nokia shares.

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