Breaking news: Nokia appoints Canadian Stephen Elop as president and CEO

Nokia's new president and CEO Stephen Elop headed  Microsoft's Business Division. Photo via Seattle Times

Espoo, Finland -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. 

"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.

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.  

"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.
Elop previously worked at Juniper Networks, Adobe and Macromedia.
See Elop's Bio from Microsoft's Website