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Nokia says goodbye to Jorma Ollila

F-Secure founder Risto Siilasmaa takes over as Nokia chairman on Thursday, ending Jorma Ollila's 13-year reign.

Jorma Ollila.
Image: Yle

Longtime leader Jorma Ollila will step down at the the company's annual general meeting, which starts at 2pm and is expected to be lively.

Nokia has suffered many setbacks recently and the company's market share continues to shrink. Today the mobile phone giant's stock is at a 15-year low.

The Finnish phonemaker has struggled for several years in the smartphone race, squeezed by Android smartphones and Apple's iPhone.  In an interview with the Financial Times on Wednesday, Ollila admitted that Nokia had been too slow at the beginning of the smartphone revolution. Ollila, however, stressed that Nokia will reverse its downward trend by launching a new series of tablet computers and “hybrid” smart mobile devices.

Ollila has been on the Nokia board since 1995 and chaired it since 1999, leading the company in its glory days. Last year he announced plans to step down. Ollila, also chairman of Royal Dutch Shell, was to leave Nokia in the spring of 2010, but he was convinced to stay on to shepherd the company through a rocky period.   

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