Nokia has a new CEO in the person of Stephen Elop. Elop was a well-respected president of Microsoft’s business division and he replaces Olli-Pekka Kallasvuo who held the position for four years.

Nokia has decided to go a different route after shareholders and investors questioned the Finnish company's poor performance.

Rumors of Kallasvuo’s exit came as early as April of this year when Nokia failed to come out with a competitive mobile operating system.

Kallasvuo will officially vacate his position come September 20 although he is still listed as the company’s speaker at the Nokia World conference slated to take place in London next week.

Elop officially starts as the new Nokia CEO on September 21.

Microsoft has not yet named who will replace Elop for their business division.

CEO Steve Balmer will temporarily handle the division on an interim basis.

Via