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Nokia appoints Stephen Elop to President and CEO 2010.09.11

Espoo, Finland - September 10, 2010 - Nokia's Board of Directors has appointed Stephen Elop President and Chief Executive Officer of Nokia as of September 21. Elop currently heads Microsoft's Business Division.

Stephen Elop, President and Chief Executive Officer of Nokia as of September 21.
Photo: Nokia
 

Espoo, Finland - September 10, 2010

Nokia's Board of Directors has appointed Stephen Elop President and Chief Executive Officer of Nokia as of September 21.

Elop currently heads Microsoft's Business Division.
Before joining Microsoft, Elop held senior executive positions in a number of US-based public companies, including Juniper Networks, Adobe Systems Inc. and Macromedia Inc.

He holds a degree in computer engineering and management from McMaster University in Hamilton, Canada, which is his home country.

Jorma Ollila, Chairman of the Nokia Board of Directors.
Photo: Nokia
 
"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," said Jorma Ollila, Chairman of the Nokia Board of Directors.

Stephen Elop, President and Chief Executive Officer of Nokia as of September 21.
Photo: Nokia
 
Stephen Elop
commented on his new Nokia position:
"I am extremely excited to become part of a team dedicated to strengthening Nokia's position as the undisputed leader of the mobile communications industry, with a relentless focus on meeting the needs and expectations of customers. Nokia has a unique global position as well as a great brand upon which we can build. The company has deeply talented and dedicated people, and I am confident that together we can continue to deliver innovative products that meet the needs of consumers. The Nokia slogan clearly states our key mission: Connecting People, which will acquire new dimensions as we build our portfolio of products, solutions and services."

Olli-Pekka Kallasvuo will leave his current position as President and CEO of Nokia on September 20, 2010 and his position on the Nokia Board of Directors with immediate effect. He will continue to chair the Board of Nokia Siemens Networks in a non-executive capacity.

Olli-Pekka Kallasvuo will leave his current position as President and CEO of Nokia on September 20, 2010 and his position on the Nokia Board of Directors with immediate effect.
Photo: Nokia
 
"The whole Board of Directors joins me in thanking Olli-Pekka for his thirty years at Nokia, during which he has been deeply involved in developing the company and its operations. His dedication and contribution throughout the years has been exceptional. The Board wishes him every success in his future pursuits," says Jorma Ollila.

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.



About Nokia


At Nokia, we are committed to connecting people.
We combine advanced technology with personalized services that enable people to stay close to what matters to them.

 
 
Every day, more than 1.3 billion people connect to one another with a Nokia device - from mobile phones to advanced smartphones and high-performance mobile computers.

Today, Nokia is integrating its devices with innovative services through Ovi (www.ovi.com), including music, maps, apps, email and more.

Nokia's NAVTEQ is a leader in comprehensive digital mapping and navigation services, while Nokia Siemens Networks provides equipment, services and solutions for communications networks globally.

Media and Investor Contacts:

Nokia
Communications

Tel. +358 7180 34900
Email: press.services@nokia.com

Investor Relations Europe
tel. +358 7180 34927

Investor Relations US
tel. +1 914 368 0555

www.nokia.com  

http://www.nokia.com/press/press-releases/showpressrelease?newsid=1443731  



Stephen Elop
President and Chief Executive Officer of Nokia as of September 21, 2010.

Stephen Elop President and Chief Executive Officer of Nokia as of September 21.
Photo: Nokia
 
Stephen Elop joins Nokia as President and Chief Executive Officer of Nokia as of September 21, 2010.
Most recently, Elop served as president of Microsoft’s Business Division and was a member of Microsoft’s senior leadership team responsible for the company’s overall strategy.
In this position, he oversaw the Microsoft Office systems and other communications tools and applications for consumers, small and midsize businesses, as well as large organizations and enterprises.

Previously, Elop was Chief Operating Officer at Juniper Networks, a leading provider of high-performance network infrastructure.
As COO, Elop was responsible for the company’s product groups, corporate development, global sales and service, as well as marketing and manufacturing organizations.

Prior to Juniper, Elop served as president of worldwide field operations at Adobe Systems Inc. He joined Adobe following the 2005 acquisition of Macromedia Inc., where he was president and CEO.

Previously in his career, he served in a number of executive positions, including chief information officer.

Elop earned a bachelor's degree in computer engineering and management from McMaster University in Hamilton, Canada, his home country.


SOURCE

www.nokia.com  


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