Nokia Hires Microsoft's Elop As New Boss

Nokia has hired Microsoft's former business head as CEO following a recent slump in profits.

Stephen Elop, the former head of the business division at Microsoft, has left the software giant to join Nokia as its new chief executive officer, news agency Bloomberg has reported.

Elop, a 46 year old Canadian, is ready to succeed Olli-Pekka Kallasvuo, the current Nokia CEO from 21 September and will become Nokia's first non-Finnish chief executive ever.

The move goes against recent comments made by Kallasvuo, who had publicly denied reports that Nokia were searching for a new CEO weeks ago.

"I am extremely excited to become part of a team dedicated to strengthening Nokia's position as the undisputed leader of the mobile communications industry, with a relentless focus on meeting the needs and expectations of customers," said Elop.

The announcement comes only days ahead of Nokia's annual World event, which is expected to showcase the company's much anticipated new Symbian-based smartphone range for high-end customers.