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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Nokia appoints Microsoft executive as new CEO AFP - Saturday, September 11 Send IM Story Print HELSINKI (AFP) - – The world's largest mobile phone maker Nokia on Friday named a new software-savvy chief executive from Microsoft to help it battle slumping profits and an eroding market share in the smartphone segment. The Finnish telecommunications equipment giant chose relatively unknown Stephen Elop to replace Olli-Pekka Kallasvuo, who had been sharply criticised for failing to bring Nokia up to speed in a changing mobile phone market. "In late May of this year, we started a CEO search process.... We wanted to ask ourselves, and we did, who would be the best person to lead Nokia," former chief executive and board chairman Jorma Ollila said at a press conference. He praised his longtime friend Kallasvuo for being "gallant" about the whole process, which he described as open, transparent, and free of any "door-slamming." "We were not quite happy with implementation of the strategy, but this is not about mistakes. We want to move forward with our new CEO," Ollila added. Nokia, once the undisputed ruler of the mobile phone market, has had its considerable lead in the smartphone market pecked away by Apple's iPhone, RIM's Blackberry and Google's Android operating platform. When the company posted a 40-percent operating profit slump in the second quarter of 2010 speculation was rife that Kallasvuo, a 30-year-Nokia veteran, would be ousted. Nokia said Friday Kallasvuo would also resign his position on the Nokia Board of Directors but would continue to chair the Board of Nokia Siemens Networks in a non-executive capacity. The news sent Nokia shares up about 5.0 percent on the Helsinki Stock Exchange. At 1400 GMT, company stock was trading 1.74 percent higher to 7.87 euros on a market up 0.80 percent. Elop, 46, acknowledged that he takes the reigns of the mobile phone market leader at a time when the entire industry was in a state of upheaval. "It is the case in the technology world that there are critical moments where fundamental change takes place.... Today, right now today, we are going through a similar moment," he told reporters. "For Nokia, this moment of change represents huge opportunities," he added. Both Ollila and Elop hinted that the hiring of a Microsoft veteran could pave the way for more co-operation between Nokia and the U.S. giant, which have in the past collaborated in developing Nokia's Symbian operating system. "In the case of any partnership between large technology companies, there is some co-operation and there is some competition," Elop said. "The lines of communication are now open, and there may be opportunities in the future for more co-operation," he added. Pohjola Bank senior equities analyst Hannu Rauhala said he was not surprised that Nokia, which has been playing catch-up in the smartphone market, hired a software-oriented leader. Nokia's only real answer to smartphones such as the iPhone and those operating with Google's Android was the N8 series, which will not hit shop shelves until later this month, he said. Nokia is also developing an operating platform with Intel that is intended to challenge Google's Android. Nick Jones of Gartner said he was of two minds about the two giants working together. "Having an ex-Microsoft person running Nokia suggests lots of interesting possibilities for the future," he said in a statement. "Microsoft has many of the same problems as Nokia in terms of innovation, especially in the smartphone business," he however warned. Elop is currently the president of Microsoft's business division and will take over as Nokia CEO on September 21. He faces unique challenges as the first non-Finnish CEO in a company where non-Finns are a rarity in the ranks of the executive leadership. "I have a unique responsibility, that is the critical relationship between Nokia and the society of Finland. I have a great deal to learn," he said, drawing parallels with his native Canada, pointing to the Arctic climate and ice hockey. Elop joined Microsoft in January 2008, making the move from network infrastructure company Juniper Networks, where he was the chief operating officer. Kallasvuo took over as CEO in 2006, a year before Apple created waves in the smartphone market with the launch of its iPhone, when Jorma Ollila stepped down. He has served on the board of directors since 2007. Ollila thanked him in a company statement. "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," Ollila said in a company statement. At the press conference, Ollila added that while he had promised to stay on as chairman of the board to help the transition in leadership go smoothly, his time with Nokia "is almost up," a sentiment he had frequently expressed since stepping down at CEO in 2006. 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