It’s no secret that Nokia is going through an identity crisis. Buffeted by declining revenues and an eroding market share, the Finnish handset giant is struggling to retain its dominance amid the surging popularity of Apple’s iPhone, RIM’s BlackBerry and a growing crop of Android devices.
So the company decided it was time for some new blood. Nokia has announced that Stephen Elop, the president of Microsoft’s Business Division, will be the company’s next president and CEO, taking the top spot later this month, one day after the departure of Olli-Pekka Kallasvuo. Enterprise Mobile Today has the story.
Nokia has appointed a top executive from Microsoft to replace embattled CEO Olli-Pekka Kallasvuo, announcing that Stephen Elop, president of Microsoft’s Business Division, will assume the top spot at the Finnish handset giant later this month.
At Nokia (NYSE: NOK), Elop will be tasked with restoring the luster of a global giant that has fallen on hard times lately, with slumping revenues and an eroding market share. In less than two years, shares of Nokia have plummeted 75 percent.