Nokia CEO to cut executive board in half

Nokia chief Stephen Elop is to dismiss up to half the company’s executive board in a bid to reverse its ailing fortunes.

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According to reports, Nokia’s executive VP of services and mobile solutions Tero Ojanpera and executive VP of markets Niklas Savander are expected to be among those replaced in the reshuffle.

The reports cited unnamed sources close to the decision.

It is said that Nokia has brought in top headhunters to find replacements with suitable software experience.

The shake-up is expected to take place ahead of Nokia’s “Capital Markets Day”, hosted in London this week, where Elop is expected to present his strategy to bolster the company’s fortunes.

Nokia reported a 21% drop in its fourth-quarter profits last month, and conceded it has to “change faster” to compete with Google and Apple in the smartphone segment.

Elop was recruited from Microsoft as Nokia’s CEO in September in a bid to turn around its sliding share in the smartphone market.

Since his arrival, former high-ranking Nokia board members including Anssi Vanjoki have left the company.

This story first appeared on newmediaage.co.uk

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