Kallasvuo to leave Nokia

Elop currently heads Microsoft’s Business Division. Before joining Microsoft, the manager held senior executive positions in a number of US-based public companies, including Juniper Networks, Adobe Systems Inc. and Macromedia Inc. Elop holds a degree in computer engineering and management from McMaster University in Hamilton, Canada, which is his home country.

"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.” said Jorma Ollila, Chairman of the Nokia Board of Directors. ”His dedication and contribution throughout the years has been exceptional. The Board wishes him every success in his future pursuits." 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.

"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.” Ollila added. ”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."