In a frank interview on YLE's A-plus programme on Wednesday evening, Ollila said that the company has slipped into self-satisfaction over the past decade and a half. This complacency has eaten away at its drive to reinvent itself, he said.
Ollila expects new CEO Stephen Elop, a former Microsoft executive, to bring the company new vitality and inspirational leadership -- that will enable Nokia to adapt itself to a new world. Elop took over last week.
He was named three weeks ago to replace Olli-Pekka Kallasvuo, who was blamed for the company's loss of market share in North America among other setbacks.
Ollila hinted that he might be prepared to stay on as chairman even after the spring of 2012. Last month he promised to stay on until the Annual General Meeting that year.
He also said that Nokia's leadership has never seriously considered moving the firm's headquarters away from Finland.
N8 Hits Stores
Nokia on Thursday began delivering its new N8 smartphone, which has faced numerous delays. The N8 was originally scheduled to be in stores last summer.
The mobile phone giant has high expectations for the N8, which it hopes will challenge Apple’s iPhone.
Nokia reports that more pre-orders have been made for the N8 than any other phone in its history.