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Nokia Seeking New CEO After Stock Drops 42%

Nokia has faded a little over the last few years. The company might still be selling boatloads of dumbphones, but in a world populated by four iterations of the iPhone and more Android devices than you can shake a stick at, the smartphone business is a tough one to crack.

Word out of Espoo is that Nokia is looking for a new CEO to replace current boss Olli-Pekka Kallasvuo. The Wall Street Journal reports that Kallasvuo is struggling to find his footing in the smartphone market and as a result, Nokia stock has fallen 42 percent in the last three months. Citing sources familiar with the matter, WSJ reports that the company has launched a search for a new CEO and board members are "supposed to make a decision by the end of the month."

Though there's no clue as to who Nokia is interested in hiring, these sources say at least two people have been flown in from the U.S. for interviews, and one of them turned the position down because he didn't want to move to Finland.

Olli-Pekka Kallasvuo was hired in 2006, just a year before the first iPhone launched. WSJ reports that the company posted weaker than expected quarterly earnings in April, reshuffled management in May, and lowered its profit outlook in mid-June citing "the competitive environment, particularly at the high-end of the market."

Read the full story here.