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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 Top Stories Most Popular Photos Full Coverage Sitemap 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 CEO 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." 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. Elop, aged 46, acknowledged that he takes the reigns of the global 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. The news sent Nokia shares up about 5.0 percent on the Helsinki Stock Exchange. At 1143 GMT, company stock was trading 3.94 percent higher to 8.04 euros on a Helsinki Stock Exchange up 1.6 percent. Senior equities analyst for Pohjola Bank Hannu Rauhala said Nokia had been surprised by how quickly the market had changed and had been playing catch-up ever since. "Apple came on the market with a completely new way to use mobiles, and Google Android came quickly behind. "The speed in which this happened was astonishing," said Rauhala, adding that Nokia's only real answer was the N8 series, which will hit shop shelves later this month. Nokia is also developing an operating platform with Intel that is intended to challenge Google's Android, Rauhala noted. Elop, a 46-year-old Canadian, is currently the President of Microsoft's Business Division and will take over as Nokia CEO on September 21. He is the first non-Finnish CEO at Nokia, where non-Finns are a rarity in the executive leadership. "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," he said in the Nokia statement. Rauhala said the appointment of a Microsoft executive was an acknowledgement by Nokia that its leadership should change to reflect the drastic change in the entire entire mobile phone industry over the past ten years. "It's now more about services and operating systems," he said. Nokia is "looking for a more software-oriented leader," he added. 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. 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