Nokia Appoints Stephen Elop to President and CEO as of September 21, 2010

September 10, 2010

ESPOO, Finland, September 10, 2010 /PRNewswire-FirstCall/ — Nokia’s
(NYSE: NOK) Board of Directors has appointed Stephen Elop President and Chief
Executive Officer of Nokia as of September 21. Elop currently heads
Microsoft’s Business Division. Before joining Microsoft, Elop held senior
executive positions in a number of US-based public companies, including
Juniper Networks, Adobe Systems Inc. and Macromedia Inc. He holds a degree in
computer engineering and management from McMaster University in Hamilton,
Canada, which is his home country.

“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. 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,” said Jorma Ollila, Chairman of the Nokia Board of

Elop commented on his new Nokia position: “I am extremely excited to
become part of a team dedicated to strengthening Nokia’s position as the
undisputed leader of the mobile communications industry, with a relentless
focus on meeting the needs and expectations of customers. Nokia has a unique
global position as well as a great brand upon which we can build. The company
has deeply talented and dedicated people, and I am confident that together we
can continue to deliver innovative products that meet the needs of consumers.
The Nokia slogan clearly states our key mission: Connecting People, which
will acquire new dimensions as we build our portfolio of products, solutions
and services.”

Olli-Pekka Kallasvuo will leave his current position as President and CEO
of Nokia on September 20, 2010 and his position on the Nokia Board of
Directors with immediate effect. He will continue to chair the Board of Nokia
Siemens Networks in a non-executive capacity.

“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. His dedication and contribution throughout
the years has been exceptional. The Board wishes him every success in his
future pursuits,” says Jorma Ollila.

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.

As of September 10, 2010, the Nokia Board will consist of the following
members: Jorma Ollila (Chairman), Dame Marjorie Scardino (Vice Chairman),

Lalita D. Gupte, Bengt Holmstrom, Dr. Henning Kagermann, Per Karlsson, Isabel
, Risto Siilasmaa, Keijo Suila.

A press conference will be held today at Nokia’s head office in Espoo,
Finland, at 13:00 (CET+1). The press conference will be webcast live via:
http://www.nokia.com/press or

About Nokia

At Nokia, we are committed to connecting people. We combine advanced
technology with personalized services that enable people to stay close to
what matters to them. Every day, more than 1.3 billion people connect to one
another with a Nokia device – from mobile phones to advanced smartphones and
high-performance mobile computers. Today, Nokia is integrating its devices
with innovative services through Ovi (http://www.ovi.com), including music,
maps, apps, email and more. Nokia’s NAVTEQ is a leader in comprehensive
digital mapping and navigation services, while Nokia Siemens Networks
provides equipment, services and solutions for communications networks


It should be noted that certain statements herein which are not
historical facts are forward-looking statements, including, without
limitation, those regarding: A) the timing of the deliveries of our products
and services and their combinations; B) our ability to develop, implement and
commercialize new technologies, products and services and their combinations;
C) expectations regarding market developments and structural changes; D)
expectations and targets regarding our industry volumes, market share,
prices, net sales and margins of products and services and their
combinations; E) expectations and targets regarding our operational
priorities and results of operations; F) the outcome of pending and
threatened litigation; G) expectations regarding the successful completion of
acquisitions or restructurings on a timely basis and our ability to achieve
the financial and operational targets set in connection with any such
acquisition or restructuring; and H) statements preceded by “believe,”
“expect,” “anticipate,” “foresee,” “target,” “estimate,” “designed,” “plans,”
“will” or similar expressions. These statements are based on management’s
best assumptions and beliefs in light of the information currently available
to it. Because they involve risks and uncertainties, actual results may
differ materially from the results that we currently expect. Factors that
could cause these differences include, but are not limited to: 1) the
competitiveness and quality of our portfolio of products and services and
their combinations; 2) our ability to timely and successfully develop or
otherwise acquire the appropriate technologies and commercialize them as new
advanced products and services and their combinations, including our ability
to attract application developers and content providers to develop
applications and provide content for use in our devices; 3) our ability to
effectively, timely and profitably adapt our business and operations to the
requirements of the converged mobile device market and the services market;
4) the intensity of competition in the various markets where we do business
and our ability to maintain or improve our market position or respond
successfully to changes in the competitive environment; 5) the occurrence of
any actual or even alleged defects or other quality, safety or security
issues in our products and services and their combinations; 6) the
development of the mobile and fixed communications industry and general
economic conditions globally and regionally; 7) our ability to successfully
manage costs; 8) exchange rate fluctuations, including, in particular,
fluctuations between the euro, which is our reporting currency, and the US
dollar, the Japanese yen and the Chinese yuan, as well as certain other
currencies; 9) the success, financial condition and performance of our
suppliers, collaboration partners and customers; 10) our ability to source
sufficient amounts of fully functional components, sub-assemblies, software,
applications and content without interruption and at acceptable prices and
quality; 11) our success in collaboration arrangements with third parties
relating to the development of new technologies, products and services,
including applications and content; 12) our ability to manage efficiently our
manufacturing and logistics, as well as to ensure the quality, safety,
security and timely delivery of our products and services and their
combinations; 13) our ability to manage our inventory and timely adapt our
supply to meet changing demands for our products; 14) our ability to protect
the complex technologies, which we or others develop or that we license, from
claims that we have infringed third parties’ intellectual property rights, as
well as our unrestricted use on commercially acceptable terms of certain
technologies in our products and services and their combinations; 15) our
ability to protect numerous Nokia, NAVTEQ and Nokia Siemens Networks
patented, standardized or proprietary technologies from third-party
infringement or actions to invalidate the intellectual property rights of
these technologies; 16) the impact of changes in government policies, trade
policies, laws or regulations and economic or political turmoil in countries
where our assets are located and we do business; 17) any disruption to
information technology systems and networks that our operations rely on; 18)
our ability to retain, motivate, develop and recruit appropriately skilled
employees; 19) unfavorable outcome of litigations; 20) allegations of
possible health risks from electromagnetic fields generated by base stations
and mobile devices and lawsuits related to them, regardless of merit; 21) our
ability to achieve targeted costs reductions and increase profitability in
Nokia Siemens Networks and to effectively and timely execute related
restructuring measures; 22) developments under large, multi-year contracts or
in relation to major customers in the networks infrastructure and related
services business; 23) the management of our customer financing exposure,
particularly in the networks infrastructure and related services business;
24) whether ongoing or any additional governmental investigations into
alleged violations of law by some former employees of Siemens AG (“Siemens”)
may involve and affect the carrier-related assets and employees transferred
by Siemens to Nokia Siemens Networks; 25) any impairment of Nokia Siemens
Networks customer relationships resulting from ongoing or any additional
governmental investigations involving the Siemens carrier-related operations
transferred to Nokia Siemens Networks; as well as the risk factors specified
on pages 11-32 of Nokia’s annual report Form 20-F for the year ended December
31, 2009
under Item 3D. “Risk Factors.” Other unknown or unpredictable
factors or underlying assumptions subsequently proving to be incorrect could
cause actual results to differ materially from those in the forward-looking
statements. Nokia does not undertake any obligation to publicly update or
revise forward-looking statements, whether as a result of new information,
future events or otherwise, except to the extent legally required.


SOURCE Nokia Corporation

Source: newswire

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