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Nokia's OPK is out, replaced by Microsoft exec as President and CEO

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The rumors were true. Nokia just announced a change in leadership: OPK is out, Stephen Elop, the current head of Microsoft's Business Division, is in. Nokia will now be lead by a Canadian. Before Microsoft, Elop, a computer engineer by education, held senior executive positions at Juniper Networks, Adobe Systems, and Macromedia. Embattled Olli-Pekka Kallasvuo will vacate his position as President and CEO on September 20th and will continue to char the Board at Nokia Siemens Networks. Naturally, OPK leaves with a severance payment honoring his 30 years of service. That translates to 18 months gross base salary and target incentive totalling about 4.6 million euro plus 100,000 restricted Nokia shares that will vest on October 1, 2010. Once again, proof that it's good to be king.

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Nokia's OPK is out, replaced by Microsoft exec as President and CEO originally appeared on Engadget on Fri, 10 Sep 2010 01:41:00 EDT. Please see our terms for use of feeds.

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