Nokia appoints new CEO to boost share price 6.9%

Beijing time September 10 afternoon news, Nokia announced today the appointment of Elop (Stephen Elop) as president and Chief Executive Officer Kallasvuo (Olli-pekka Kallasvuo), the incumbent chief executive, will be departing on September 20.　　Nokia's shares rose 6.9% per cent on the news. "Now is the right time to update the personnel and we need new leaders with different skills and expertise to lead the company towards new success," said Jorma Ollila, chairman of Nokia's board of directors, Chorma Olila. The Nokia board believes Stephen has the industry's experience and leadership to achieve all of Nokia's potential. He has a deep software industry background and is good at change management, which is an invaluable asset to Nokia in transition.　　We believe that Stephen will be able to promote Nokia's innovation and effective implementation of strategy, to provide shareholders with more value. CCS Insight analyst said Nokia's move ended a long period of speculation about the change of its bosses.　　The question is whether Elop will lead Nokia to the current strategic trajectory. Elop needs to convince investors that Nokia has the ability to launch products that are competitive compared to iphones and Android phones. Since Apple released the iphone, the phone industry has been rewritten by thousands apps. And Nokia has been chasing after Apple, trying to launch a product with the same high attractiveness. In the meantime, Nokia had to cut prices and sacrifice profits to maintain market share. (slides)