Nokia President Steps Down, Successor Named Aug 1, 2005

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Mobile phone equipment maker Nokia announced that its board of directors has appointed Olli-Pekka Kallasvuo as president and chief operating officer effective Oct. 1, 2005. Effective June 1, 2006, Mr. Kallasvuo will become president and CEO.

Nokia's current president, Pekka Ala-Pietilä, will resign to pursue personal interests. He will take on the role of executive advisor as of Oct. 1, 2005 and leave Nokia on Feb. 1, 2006.

The Corporate Governance and Nomination Committee of Nokia's board will propose that chairman and CEO Jorma Ollila continue after his retirement on June 1, 2006 as non-executive chairman. The committee said that it has received Mr. Ollila's confirmation that he is available for this position.

Paul Collins, vice chairman of the Nokia board, says: "The Nokia Board has had in place a succession process in anticipation of Jorma Ollila's retirement with the objective of maintaining vitality, adapting to a rapidly evolving industry, and ensuring continuity. The Board is convinced that Olli-Pekka Kallasvuo, with his strong industry credentials and over 20 years of experience at Nokia, will provide the required leadership for the Company in the future."

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