Stephen Elop has accepted the position of President and CEO of Nokia as of September 21st, 2010. Elop is currently the President of Microsoft’s Business Division, but will be leaving the company immediately. He will be replacing Olli-Pekka Kallasvuo, who was Nokia’s CEO since June, 2006.

Photo by Luca Sartoni

Jorma Ollila, Chairman of the Nokia Board of Directors said in the press release:

The time is right to accelerate the company’s renewal; to bring in new executive leadership with different skills and strengths in order to drive company success. The Nokia Board believes that Stephen has the right industry experience and leadership skills to realize the full potential of Nokia. His strong software background and proven record in change management will be valuable assets as we press harder to complete the transformation of the company. We believe that Stephen will be able to drive both innovation and efficient execution of the company strategy in order to deliver increased value to our shareholders.

Olli-Pekka Kallasvuo will leave his current position as President and CEO of Nokia on September 20, 2010 and his position on the Nokia Board of Directors with immediate effect. He will continue to chair the Board of Nokia Siemens Networks in a non-executive capacity.