Nokia CEO steps down, Microsoft exec picked as replacement

News in brief: OPK to make way for president of Microsoft's Business Division...

Nokia CEO Olli-Pekka Kallasvuo is stepping down and will be replaced by Stephen Elop, the president of Microsoft's Business Division.

Nokia said yesterday it has hired Elop to replace Kallasvuo, who will leave his position as CEO on 20 September. Kallasvuo, a 30-year Nokia veteran, will also leave the company's board but remains non-executive chairman of Nokia Siemens Networks, the joint-venture telecoms kit maker.

"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," Nokia chairman Jorma Ollila said in a statement.

The president of Microsoft's Business Division, Stephen Elop, will become Nokia CEO on 20 September
(Photo credit: Nokia)

For more on this story, see Microsoft exec Elop named Nokia CEO on CNET News.com.