Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Nokia chairman to step down in 2012

By David Goldman, staff writer


NEW YORK (CNNMoney.com) -- The shakeup at Nokia continued on Tuesday as the Finnish mobile phone maker announced that its chairman, Jorma Ollila, would be stepping down in 2012.

The announcement comes on the heels of Monday's resignation of Nokia's smartphone business chief Anssi Vanjoki. The revolving door of executives started turning on Friday after Nokia said it had hired Microsoft Corp. executive Stephen Elop to replace Olli-Pekka Kallasvuoits as chief executive.

Ollila had served as chairman for 14 years and oversaw the company's rise to the top of the mobile pyramid. But he also witnessed the Nokia's recent inability to keep pace with rivals like Apple (AAPL, Fortune 500) and manufacturers that chose to implement Google's (GOOG, Fortune 500) popular Android software.

Nokia remains the largest handset maker in the world and commands a 40% of the smartphone market, according to IDC. But the company's devices have yet to take off in the United States -- and IDC expects Nokia's share to drop by about 18% over the next four years as Android and soon-to-be-released Microsoft Windows Phone 7 smartphones grow in popularity. To fight that onslaught, Nokia on Tuesday unveiled a new lineup of upcoming smartphones.

Shares of Nokia (NOK) have tumbled by about 70% since the iPhone was released in the summer of 2007.  To top of page

Index Last Change % Change
Dow 22,349.59 -9.64 -0.04%
Nasdaq 6,426.92 4.23 0.07%
S&P 500 2,502.22 1.62 0.06%
Treasuries 2.26 -0.02 -0.70%
Data as of 12:13am ET
Company Price Change % Change
Bank of America Corp... 25.02 -0.14 -0.56%
Advanced Micro Devic... 13.30 -0.11 -0.82%
Apple Inc 151.89 -1.50 -0.98%
General Electric Co 24.87 0.12 0.48%
Ford Motor Co 11.84 0.12 1.02%
Data as of Sep 22
Sponsors

Sections

The shutdown, which raised protests from navigator groups, will occur from midnight to noon on on all but one Sunday. More

Facebook's board withdrew a proposal that was the subject of a shareholder lawsuit. As a result, the CEO will no longer head to court on Tuesday. More

When you're making big career decisions, you turn to your mentors and your trusted peers. But how do you find these mentors and trusted peers in the first place? More