Nokia Conducting Search for New CEO

Mobile phone maker Nokia Corp. (NOK) has launched a search for a new chief executive, people familiar with the situation said Monday.

The move comes as the current chief executive, Olli-Pekka Kallasvuo, struggles to find traction for the company in the market for high-end smartphones.

While Nokia continues to sell more cellphones than any other manufacturer, it has failed to keep up with advances by such rivals as Apple Inc. (AAPL) and makers of smartphones running Google Inc. (GOOG) operating software.

The Espoo, Finland, company’s failure to get back in the race has taken a toll. Its stock rose eight cents to $8.82 in 4 p.m. New York Stock Exchange trading Monday but is off nearly 42% since April 19.

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