Summary:

Nokia (NYSE: NOK) Chairman Jorma Ollila will leave his post in 2012 as the company tries a new direction under new CEO Stephen Elop, who was…

Nokia (NYSE: NOK) Chairman Jorma Ollila will leave his post in 2012 as the company tries a new direction under new CEO Stephen Elop, who was hired last week to replace Olli-Pekka Kallasvuo as CEO. The news came on the same day the phone maker was holding its Nokia World event and hoped to switch attention from the ouster of Kallasvuo to the launch of its three new smartphones.

The announcement Ollila’s departure also comes a day after another old-guard Nokia exec, Markets EVP Anssi Vanjoki, said he would be exiting the handset maker.

In the WSJ’s report on Ollila’s long goodbye, it noted that the 60-year-old exec served as Nokia’s chief executive for 14 years before he stepped down in 2006. He was credited with helping refashion a 100-year-old engineering company on mobile phones in the first place.

But in recent years, Nokia has been eclipsed in the cell phone market by the rise of Apple’s iPhone and Google (NSDQ: GOOG) Android. Shareholders and investors have been increasingly anxious about the company’s financial performance and the hope for turnaround. The hiring of Elop, who was recently president of Microsoft

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