Nokia poaches from Microsoft after CEO steps down

Nokia’s embattled CEO has finally resigned, with the mobile maker snatching Microsoft’s head of business to replace him.

Nokia poaches from Microsoft after CEO steps down

Olli-Pekka Kallasvuo had long been tipped to leave the troubled handset maker, which holds top place in the mobile market by volume but has lost its footing in the lucrative smartphone sector to rivals such as Apple and RIM.

After 30 years at Nokia, Kallasvuo will step down on 20 September with a payout worth €4.6 million. He will be replaced by Stephen Elop, head of Microsoft’s business division.

“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 realise the full potential of Nokia.”

Elop led the roll-out of Office 2010 after joining Microsoft in 2008, and has previously worked at Juniper Networks and Adobe.

Nokia will next week unveil new handsets as it tries to regain lost ground in the smartphone market.

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