Nokia new’s CEO is Stephen Elop


Nokia, the mobile phone company announced Friday that Stephen Elop the head of Microsoft Business Divisin, will become the new CEO of the Finnish company on September 21.

The news of Mr Elop’s appointment sent Nokia shares up more trhan 2pc on the Helsinki Stock Exchange.

Under his leadership Kallasvuo, who has spent more than half of life with Nokia, the Finnish group has faced significant challenges in market competition with rival smartphones like Apple or Google.

The company said the former CEO is entitled to a compensation of 4.6 million euros and will also receive 100,000 shares that may be sold from October 1, 2010.

Rob Enderle, principal analyst at The Enderle Group, said Nokia’s got a serious problem and the company is hiring Elop because the company recognizes its need for an application platform that can compete with Apple’s iOS4 or an Android. But Elop may not be the best fit for the job.

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Posted by E.Hillwig on Sep 10 2010. Filed under Business, Featured News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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