Nokia Finally Wakes Up and Starts Looking For a New CEO

The WSJ is writing that according to "people familiar with the situation" mobile phone maker Nokia is looking for a new CEO to replace Olli-Pekka Kallasvuo. Quite frankly, this isn't exactly surprising considering that Nokia's stock has fallen over 40% in the last three months after the company's profit outlook was lowered repeatedly:

"They are serious about making a change,'' one person familiar with the matter said. Nokia board members are "supposed to make a decision by the end of the month,'' that person said.

The CEO of a major U.S. high-tech company recently spurned Nokia's approach after meeting with Chairman Jorma Ollila, because the candidate wasn't interested in moving to Finland, this person said. Nokia also has flown in at least one other U.S. based executive to interview for the CEO job, the person said.

Mr. Kallasvuo has held the CEO job since 2006, the year before Apple introduced the iPhone and roiled the market for mobile phones. The company has stumbled several times in its efforts to catch up.

Let's hope this leadership shakeup does something to help Nokia. [WSJ via IntoMobile]

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I think they are poised for greater things though repercussions for inexact guidance through a significant upheaval in their market are hard to argue against. A new leader will be given credit for the results of current efforts, but that's the nature of the game. Hopefully any new leadership will not throw the babies out with the bath water. Like Sony, Nokia does many things very well.