Nokia has launched an industry-wide search for a new chief executive, the Wall Street Journal reported on Monday.
According to the Wall Street journal, sources have stated that the Finland-based mobile phone giant plans to replace its current CEO Olli-Pekka Kallasvuo as he struggles to maintain the company's market share.
“They are serious about making a change. Nokia board members are supposed to make a decision by the end of the month," said the person familiar with the issue.
It has been rumoured that Nokia has approached the CEOs of a number of technology companies in the US.
The CEO of one major US company is already said to have rejected the offer as he did not want to move to Finland.
Despite taking 41 per cent of the total mobile phone market, Nokia has seen its stock fall by 25 per cent this year and has issued two profit warnings in the last three months. Profitability has fallen from 21 per cent at the launch of the Nokia N95 in 2006, to 12 per cent earlier this year.