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Edition: U.S. Article Comments (2) Slideshow Save Email Print Reprints Most Popular Most Shared Thousands protest Koran burning plan in Afghan north 5:18am EDT U.S. waits Japan nod on F-35 security pact 09 Sep 2010 Pastor backs off Koran-burning plan for now | Video 11:48am EDT Host company pulls plug on Florida pastor's website 09 Sep 2010 Judge rules ban on gays in military unconstitutional 6:08am EDT Four dead in San Francisco suburb gas line inferno | Video 11:16am EDT Factbox: Key problems facing new Nokia CEO Elop 8:24am EDT Florida pastor cancels Koran-burning plan | Video 09 Sep 2010 "Project Runway" keeps NY fashion week guessing 8:23am EDT Wall Street rises with energy, consumer shares 11:02am EDT Judge rules ban on gays in military unconstitutional 6:08am EDT Thousands protest Koran burning plan in Afghan north 5:18am EDT Month of Ramadan 09 Sep 2010 Pastor backs off Koran-burning plan for now | Video 11:48am EDT Strange and unusual 09 Sep 2010 New York Fashion Week 09 Sep 2010 B vitamins found to halve brain shrinkage in old 08 Sep 2010 Florida pastor cancels Koran-burning plan | Video 09 Sep 2010 Dubai World reaches $24.9 billion debt deal 11:47am EDT Host company pulls plug on Florida pastor's website 09 Sep 2010 NYSE and AMEX quotes delayed by at least 20 minutes. NASDAQ delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here. Nokia brings in Microsoft exec to replace CEO Tweet This Share on LinkedIn Share on Facebook Factbox Key problems facing new Nokia CEO Elop 8:49am EDT Related News Instant View: Microsoft's Elop to be new Nokia CEO 8:24am EDT Analysis & Opinion When should investors sell their Apple stock? Related Topics Technology » Media » 1 / 2 Nokia's new Chief Executive Stephen Elop speaks during a news conference in Espoo September 10, 2010. Credit: Reuters/Lehtikuva/Markku Ulander By Tarmo Virki and Georgina Prodhan HELSINKI/LONDON | Fri Sep 10, 2010 10:38am EDT HELSINKI/LONDON (Reuters) - Nokia has hired Stephen Elop, a Canadian Microsoft executive with Silicon Valley credentials, to replace its embattled chief executive and renew its drive to compete with Apple. The world's top cellphone maker said Olli-Pekka Kallasvuo, who presided over a halving in Nokia's market value to about $37 billion during his four years in charge, would hand over to Elop on September 21. Nokia shares rose as much as 6.9 percent. Elop, 46, has risen rapidly over the past five years from chief executive of San Francisco Web software maker Macromedia to chief operating officer of Juniper Networks to head of Microsoft's Business Division, which makes Office software. Chairman Jorma Ollila, who led Nokia's transformation from a rubber boots-to-TVs conglomerate into a mobile-phone giant in the 1990s, said he would also resign as soon as possible after the transition, underlining the scale of change at the Finnish company. Under Kallasvuo, who will get a severance payment of 4.6 million euros ($5.8 million), Nokia has struggled to keep up with rivals such as Apple and Google in smartphones, the most profitable and fastest-growing part of the market. At a Helsinki news conference, Elop said it was too early to say what he planned to change. He said: "My job is ... to ensure that we are meeting the needs of our customers, while delivering superior financial results." The conference was broadcast live on Finland's main television and radio channels, demonstrating the strength of national interest in the 145-year-old company, which dominates the Nordic nation's economy. Elop's appointment is a major shift for Nokia; he will be the first non-Finn to run the company, and eight of the current 10 executive board members are Finns. Investors and pundits had urged Nokia to bring in an outsider, ideally an American, to help the company regain a reputation for "cool" it has largely lost to Apple's iPhone and a host of other phones built around Google's Android software. The Finnish company has lacked a hit smartphone model since its N95 model launched in 2006, has failed to ignite much excitement around its new Web services and has performed particularly weakly in the United States. DAUNTING TASK Elop told the news conference North America was a critically important market and would be "an area of emphasis." Ollila said of Elop: "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." Nokia shares rose almost 7 percent but later lost most of their gains to trade up 1.9 percent at 7.89 euros by 1405 GMT (10:05 a.m. EDT). The European technology index was flat. "They have had problems for a long time and have been behind the curve on trends for the past few years. I think it could be good to get new influences, thoughts and ideas," said Inge Heydorn, fund manager at Sentat Asset Management. "Elop faces a daunting task. Nokia has lost its leadership in high-tier phones and has struggled with the rise of Internet-led services," said Ben Wood, head of research at UK-based telecoms analyst firm CCS Insight. DESIGN PRINCIPLES Elop should bring to Nokia an understanding of the design principles that have driven Apple's success, as well as of the telecoms network industry in which Nokia's troubled Nokia Siemens Networks plays. Before joining Microsoft, he spent several years in Silicon Valley, rising to become chief executive during seven years at Macromedia, a San Francisco software maker whose graphics and Web development tools were favored by Apple developers. Macromedia made the Flash video and Dreamweaver software, which were retained by Adobe as key products when it bought Macromedia for $3.4 billion in 2005. At Microsoft, Elop helped steer the company toward online versions of programs such as Word, Outlook and Excel that users could access from anywhere and even use on mobile devices, a major step for a company founded on installed software. He was also credited with successfully managing the launch of Microsoft's Office 2010 suite earlier this year. Microsoft and Nokia are long-time collaborators, and in August last year formed an alliance to bring Office applications such as Outlook e-mail to Nokia devices. Microsoft's Business Division has traditionally been one of its two biggest and most profitable units, along with the Windows division. Last fiscal year it made $18.6 billion in sales, almost 30 percent of the company's total. Elop will now find himself in charge of a company with sales of 41 billion euros and 124,000 employees worldwide. (Additional reporting by Olaf Swahnberg in Stockholm, Bill Rigby in Seattle and Terhi Kinnunen in Helsinki; Editing by Dan Lalor, Hans Peters and Will Waterman) ($1 = 0.7882 euro) Technology Media Comments See All Comments (2) | Post Comment Sep 10, 2010 8:56am EDT Let me see if I have this straight: they hired a Microsoft exec to compete with Apple? On what planet is Nokia? I’d like to see the whiteboard in that meeting, it makes no sense what so ever. anamericancynic Report As Abusive Sep 10, 2010 9:29am EDT I went through Stephen Elop’s career. At the age of 46 he has been a senior executive at many high-tech companies! Sounds great! Well, not that great after all. It gives the impression, that he is some sort of a hired mercenary to do the urgent job at hand quickly and then he moves on to his next employer? This does’nt appear to be what Nokia really needs now. Nokia is not in the business of fixing cars or broken TVs. Nokia needs a new leader, who makes a long-term commitment to steer the company for maybe the next decade or even more so that it gets itself out of the swamp it has gotten itself into and regains its top slot in the mobile phones business. Guys, who frequently change employers as the speed of Stephen Elop’s track record so far shows rarely stick to one job for long enough. He left Microsoft after having been there just for two years. He improved Microsoft’s Office 2010 to bring that program to the web age. So, for him it was mission accomplished. Time to move on. Microsoft is not a bad company to be in longer? Or is it? Nokia needs a person as dedicated to his job as Steve Jobs is at Apple. But, there are not many such guys like Steve Jobs around in this business. Unfortunately. So, Nokia had to pick Elop. There was not much choice really. ulludapattha Report As Abusive See All Comments (2) Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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