Home / / Nokia looking for new CEO

Nokia looking for new CEO

WSJ reports that Nokia is looking to replace CEO Olli-Pekka Kallasvuo

Kallasvuo has been CEO of Nokia since 2006.
Kallasvuo has been CEO of Nokia since 2006.

Speculation is growing that Nokia is looking to replace its CEO, as the handset manufacturer struggles to gain ground in the smartphone market.

According to the Wall Street Journal, executive recruiters have begun interviewing potential replacements for current CEO Olli-Pekka Kallasvuo.

While Nokia remains the largest handset vendor in the world, a position it has held since 1998, it has faced increasing competition in the high end of the handset market from Apple's iPhone and devices based on Google's Android phone OS.

Kallasvuo took on the CEO role in 2006, when he noted the need for Nokia to do more in the smartphone sector, but despite growth in sales and profits, to $1.1 billion in its latest quarter, the company issued a profits warning in June and Nokia stock had dipped over concerns about ongoing outlook and strategy.

Nokia stock went up by 5% on Tuesday on the new CEO rumours, although Nokia refused to comment.