Thursday, September 9, 2010

Nokia appoints Stephen Elop to President and CEO

Stephen Elop has been appointed President and Chief Executive Officer of Nokia as of September 21.

Elop currently heads Microsoft's Business Division, and previously held senior executive positions in a number of US-based public companies, including Juniper Networks, Adobe Systems and Macromedia Inc. He holds a degree in computer engineering and management from McMaster University in Hamilton, Canada, which is his home country.

Elop replaces Olli-Pekka Kallasvuo, who has been with the company for thirty years. Kallasvuo will continue to chair the Board of Nokia Siemens Networks in a non-executive capacity. In accordance with the terms and conditions of his service contract, Kallasvuo is entitled to a severance payment consisting of 18 months gross base salary and target incentive which totals approximately 4.6 million euro. He will also receive as compensation the fair market value of the 100 000 restricted Nokia shares granted to him in 2007, which vest on October 1, 2010.

As of September 10, 2010, the Nokia Board will consist of the following members: Jorma Ollila (Chairman), Dame Marjorie Scardino (Vice Chairman), Lalita D. Gupte, Bengt Holmström, Dr. Henning Kagermann, Per Karlsson, Isabel Marey-Semper, Risto Siilasmaa, Keijo Suila.

  • Nokia appointed Olli-Pekka Kallasvuo as President and Chief Operating Officer effective October 1, 2005, and President and CEO from June 1, 2006. He replace Nokia President, Pekka Ala-Pietila, who resigned to pursue personal interests.

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