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Tech

Nokia seeking new CEO

ICT Desk |
Update: 2010-07-21 17:32:32
Nokia seeking new CEO

Nokia is reported to be searching for a new chief executive as its CEO for the past four years, Olli-Pekka Kallasvuo, struggles with the company\\\`s falling profits and market share, notably in the smartphone market.

The Finland-based company\\\`s board of directors could make a decision as soon as month\\\`s end, according to an unnamed person quoted in the story. IBM has interviewed at least two U.S.-based executives for the position.

Although Nokia is the world\\\`s largest phone-maker, and has the largest market share in smartphones at about 41%, it has issued two profit warnings in the past three months and seen its stock fall by 25% this year alone as it was forced to delay newer smartphones.

Nokia\\\`s last big success in the smartphone market came four years ago with the N95, which boosted profits in its smartphone division to 21%. But since then Apple, Android and RIM, maker of the BlackBerry, have eaten away at Nokia\\\`s profitability.

BDST: 1425 HRS, 22 July 2010

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