Nokia CEO Jorma Ollila announces retirement

Aug 01 2005 - 09:18 AM ET | Nokia
Nokia's CEO Jorma Ollila has announced that he will step down from his post in June 2006, giving the CEO title to Olli-Pekka Kallasvuo who currently heads the mobile phone unit. Ollilabut will remain as a nonexecutive chairman. Starting in October, future CEO Kallasvuo will be promoted to president and COO. The current president, ,will resign from his post as of October and become a Executive Advisor. He will leave Nokia entirely by February 2006. bq. Jorma Ollila says: "I strongly believe in renewal at all levels of the company. I have been in charge of operations at Nokia since 1992, and these have been exciting, unforgettable years. I remain strongly committed to Nokia and am keen to continue contributing to Nokia's strategy and renewal, helping it to build on its position as the undisputed leader in mobility."