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Top Microsoft executive takes over at Nokia to drive success
By Matti Huuhtanen |
September 11, 2010, Saturday
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Print Edition
Print Edition
NOKIA Corp will replace CEO Olli-Pekka Kallasvuo with top Microsoft executive Stephen Elop as the world's largest mobile phone maker struggles to keep pace with smaller and more innovative rivals, particularly in the smartphone market.
Elop, head of Microsoft's business division, has held top posts at Juniper Networks Inc, Adobe Systems Inc, Macromedia Inc, and, as a systems executive, Boston Chicken Inc.
He takes over on September 21, the company said yesterday.
With Nokia stock down more than 20 percent this year due to two profit warnings, Nokia veteran Kallasvuo had come under increasing pressure amid speculation he would be ousted.
"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," Chairman of the Board and former CEO Jorma Ollila said in a statement.
Ollila said that Elop, 46, has a "strong software background and proven record in change management (which) will be valuable assets as we press harder to complete the transformation of the company."
A Canadian, Elop is a computer engineering and management graduate from McMaster University in Hamilton, Ontario. He became CEO of Macromedia Inc, maker of Flash software, in 2005 just months before Adobe bought the company.
Flash allows people to use their Web browsers to watch Internet video and animation, and the software is now increasingly used on mobile phones.
The 57-year-old Kallasvuo, who joined the company in 1982, will leave as president and CEO on September 20 and give up his seat on the board of directors with immediate effect and be replaced by Elop, who heads Microsoft's business division.
Kallasvuo will continue to chair the board of the Nokia Siemens Networks unit in a non-executive capacity, the company said.
Although it is still the world leader in handset sales -- with a 33 percent market share -- Nokia has been slow at detecting new trends, like folding clamshell models and touch screen handsets.
Markets have been expecting something fresh and new from the company that once had the innovative edge in the industry but that has not happened since Kallasvuo took over in 2006. He has also been unable to tackle problems in the North American market.
Elop, head of Microsoft's business division, has held top posts at Juniper Networks Inc, Adobe Systems Inc, Macromedia Inc, and, as a systems executive, Boston Chicken Inc.
He takes over on September 21, the company said yesterday.
With Nokia stock down more than 20 percent this year due to two profit warnings, Nokia veteran Kallasvuo had come under increasing pressure amid speculation he would be ousted.
"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," Chairman of the Board and former CEO Jorma Ollila said in a statement.
Ollila said that Elop, 46, has a "strong software background and proven record in change management (which) will be valuable assets as we press harder to complete the transformation of the company."
A Canadian, Elop is a computer engineering and management graduate from McMaster University in Hamilton, Ontario. He became CEO of Macromedia Inc, maker of Flash software, in 2005 just months before Adobe bought the company.
Flash allows people to use their Web browsers to watch Internet video and animation, and the software is now increasingly used on mobile phones.
The 57-year-old Kallasvuo, who joined the company in 1982, will leave as president and CEO on September 20 and give up his seat on the board of directors with immediate effect and be replaced by Elop, who heads Microsoft's business division.
Kallasvuo will continue to chair the board of the Nokia Siemens Networks unit in a non-executive capacity, the company said.
Although it is still the world leader in handset sales -- with a 33 percent market share -- Nokia has been slow at detecting new trends, like folding clamshell models and touch screen handsets.
Markets have been expecting something fresh and new from the company that once had the innovative edge in the industry but that has not happened since Kallasvuo took over in 2006. He has also been unable to tackle problems in the North American market.
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