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Nokia names Ollila's successor

Will occupy CEO's big chair in June 2006

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Nokia has reshuffled its senior management, though the effects will not really be felt for ten months.

CEO Jorma Ollila, who has been running Nokia since 1992, will become the company's non-executive Chairman. His place will be taken by the current head of the Nokia's mobile phones business, Olli-Pekka Kalasvuo.

However, he's not going to get to sit at the CEO's desk until 1 June 2006. In the meantime - well, from 1 October 2005 - he will be Nokia's President and COO. He will retain the President title after he truly succeeds Ollila.

Nokia's current President, Pekka Ala-Pietila, has resigned to pursue "personal interests". On 1 October, he will become Executive Advisor before formally leaving the company on 1 February 2006.

Kallasvuo joined Nokia in 1980, becoming CFO in 1994 before taking over the mobile phone division in 2004. Nokia did not say who will be replacing him as head of the handset unit.

Last month, Nokia posted Q2 net income of €799 ($969m) - 18 cents a share - on sales of €8.1bn ($9.8bn). Income and revenue were up 15 per cent and 24.6 per cent, respectively, on the year-ago quarter. ®

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