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From: John Navas on 20 Jul 2010 11:29
Mobile phone maker Nokia Corp. has launched a search for a new chief
executive, people familiar with the situation said Monday.

The move comes as the current chief executive, Olli-Pekka Kallasvuo,
struggles to find traction for the company in the market for high-end
smartphones.

While Nokia continues to sell more cellphones than any other
manufacturer, it has failed to keep up with advances by such rivals as
Apple Inc. and makers of smartphones running Google Inc. operating
software.

The Espoo, Finland, company's failure to get back in the race has taken
a toll. Its stock rose eight cents to $8.82 in 4 p.m. New York Stock
Exchange trading Monday but is off nearly 42% since April 19.

....

In the third quarter last year, Apple overtook Nokia as the world's most
profitable phone maker, booking $1.6 billion in profit on the iPhone in
the quarter compared to Nokia's $1.1 billion, according to Strategy
Analytics. Nokia made 108.5 million phones in that quarter, while Apple
sold 7.4 million.

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