Stockholm, Sweden (FT.com) -- Nokia has removed Olli-Pekka Kallasvuo as chief executive and appointed Stephen Elop from Microsoft to replace him in a bid to raise its game against Apple and Google in the smartphone market.
Mr Elop, currently head of Microsoft's business division, will take charge of the world's biggest handset maker on September 21 when Mr Kellasvuo steps down after four years in charge.
"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, Nokia chairman, on Friday.
The change follows months of mounting unrest among Nokia investors over the group's plunging share price and its failure to come up with a high-end smartphone good enough to match the Apple iPhone. The company's share price has fallen by almost two-thirds since the iPhone was launched in 2007, wiping about €60bn off group's market capitalisation. On Friday morning, following the announcement of Mr Elop's appointment, Nokia's shares were up 4.7 per cent.
The appointment comes ahead of Nokia's annual product trade fair in London next week, when the group will unveil a new model, the N8, aimed at narrowing the gap with Apple and a growing range of phones based on Google's Android software.
CNN
