On Friday, Nokia Corp. appointed Microsoft Corp's Stephen Elop, 46 as its new CEO, replacing Olli-Pekka Kallasvuo.

The move has been taken as the phone makers want to revolutionize their business, which is witnessing a profit slump with the entry of new players.

"The Nokia Board believes that Stephen has the right industry experience and leadership skills to realize the full potential of Nokia", said Jorma Ollila, Nokia's Chairman.

Elop will be heading the Company from September 21 onwards in Espoo. Earlier, in July, there were projections that Nokia will alter its top management and is looking for its new CEO, and the result is out.

The new CEO of Nokia remained at the top positions of Companies like Juniper Networks Inc., Adobe Systems Inc. and Macromedia Inc.

Nokia is facing hard competition from Companies such as Apple Inc., Research in Motion Ltd., Google, and Samsung etc., which have high-end smartphones in their inventory.

In a statement, Elop expressed that he is very excited to work with Nokia to boost its standing and he showed his confidence in coming up with innovative products that would cater to the need of consumers. But, he forbade commenting on any planned strategy, as it’s too early.

Meanwhile, Nokia is all ready to launch its Symbian 3 OS embedded N8 to sustain the persisting competition.