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Nokia seeking new CEO?

Nokia seeking new CEO?

Finnish mobile giant Nokia is allegedly scouring the world for someone to take over as its chief executive officer, with its business failing to reach previous heights in the face of ever stiffer competition.

Current Nokia CEO Olli-Pekka Kallasvuo has been at the helm for four years and has led the firm through a troubling period that has seen profits slump and its value on the stock market plummet.

Over £50 billion has been wiped off the value of Nokia according to recent reports, which means it has lost 67 per cent of its value since 2007.

However, Nokia still holds its position as the largest mobile manufacturer in the world and even in the smartphone market it is the majority player with a 41 per cent stake.

When the first iPhone hit shelves in June 2007, shares in Nokia were worth £17.58, but only three years later are now worth about £5.87.

This has led many to believe that the search for a new CEO must be underway, according to the Wall Street Journal.

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