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Microsoft's Elop is new Nokia CEO

Microsoft business software group chief will lead Nokia

Nokia has named Stephen Elop, president of Microsoft's business software group, to become its new CEO effective from later this month.

Elop will replace Olli-Pekka Kallasvuo in the top job on Sept. 21. Kallasvuo loses his board seat with immediate effect and will step down from the CEO position on Sept. 20, the company said.

The reshuffle comes as the world's largest cell-phone maker battles to compete with companies such as Apple.

"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," Jorma Ollila, chairman of Nokia, said in a statement. "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."

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