Nokia Gets New Boss Stephen Elop

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,” said Jorma Ollila, chairman of the Nokia Board of Directors.

Elop commented on his new Nokia position: “I am extremely excited.”

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. 

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.