Nokia Hires Stephen Elop As President and CEO

Posted Sep 10, 2010

Stephen Elop has been hired as the new President and CEO of Nokia Corporation (NYSE:NOK) as of September 21, 2010. Currently Elop works as the head of the Microsoft Corporation (NASDAQ:MSFT) Business division. Before working at Microsoft, Elop worked as an executive at Juniper, 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. 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,” stated Nokia Chairman of the Board Jorma Ollila.

The current CEO and President of Nokia Olli-Pekka Kallasvuo plans to leave the current position. He will continue to work as the chair of the Board of the Nokia Siemens Networks.

[Nokia Press Release]