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

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 18,096.90 -106.47 -0.58%
Nasdaq 4,967.14 -12.76 -0.26%
S&P 500 2,098.53 -9.25 -0.44%
Treasuries 2.12 0.00 0.05%
Data as of 6:29pm ET
Company Price Change % Change
Bank of America Corp... 15.84 -0.15 -0.94%
Alcoa Inc 14.59 -0.59 -3.89%
Chesapeake Energy Co... 15.49 -0.71 -4.38%
Cisco Systems Inc 29.33 -0.21 -0.71%
Apple Inc 128.54 -0.82 -0.63%
Data as of 4:03pm ET
Sponsors

Sections

Sen. Bill Nelson, the top Democrat on the Senate Commerce Committee, is calling for a federal investigation into Lumber Liquidators. More

China's new business friends can be found in Latin America, a region America once dominated. More

Mark Zuckerberg gave out many pieces of career advice during his live Q&A Wednesday from Mobile World Congress in Barcelona. More