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The world's largest mobile phone maker said Chief Executive Officer Olli-Pekka Kallasvuo will step down and Elop, head of Microsoft's business software unit, will take the reins Sept. 21. The move represents a drastic shift for Nokia, which until Canadian Elop had never hired a non-Finnish executive for the top spot. But the company needs a strategy and management overhaul to compete in the profitable future of smartphones.
The move should appease Nokia's frustrated investors who have watched its market value slip 70% in the past three years as Apple Inc.'s (Nasdaq: AAPL) iPhone, Research in Motion Ltd.'s (Nasdaq: RIMM) BlackBerry, and phones using Google Inc.'s (Nasdaq: GOOG) Android platform stole the smartphone spotlight.