Nokia didn't have such a great time lately, the Finnish company finding it really hard to compete in the smartphone market against the likes of Apple or HTC, so faced with a decline in market share and falling selling prices the company announced they will be replacing Olli-Pekka Kallasvuo, its current CEO, with Stephen Elop.  

Elop, currently head of Microsoft's Business Division, will take this position starting September 21, replacing Olli-Pekka Kallasvuo and becoming the very first non-Finn to take over Nokia.

Stephen Elop also has a degree in computer engineering and management and held senior executive positions in a number of US-based public companies, including Juniper Networks, Adobe Systems and Macromedia.

Although this is indeed braking news, it wasn't at all unexpected since Nokia is facing a really tough situation right now, especially in the smartphone market, where they have lost significant market share in favor of Apple's iPhone or the various Android OS offerings.

This is indeed sad news for Nokia since smartphones usually have high profit margins and are among the best selling devices to hit the streets right now.

"The whole Board of Directors joins me in thanking Olli-Pekka for his thirty years at Nokia, during which he has been deeply involved in developing the company and its operations.  

His dedication and contribution throughout the years has been exceptional.  

The Board wishes him every success in his future pursuits," says Jorma Ollila, Nokia's chairman of the board.

In addition to all the thanks he gets for bringing Nokia in its current state, Olli-Pekka Kallasvuo will also get a severance payment which totals approximately 4.6 million euro to raise his spirits.

Now, lets just hope that Stephen Elop manages to put Nokia back on track, since more competition is always a good thing, leading to more innovative products and, above all, lower prices, something that everybody can agree with.

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