Elop, former President of Microsoft's Business Division, will take lead of the Finnish company after Olli-Pekka Kallasvuo's official resignation on September 20, 2010.
Elop, a Canadian, has held several senior executive positions in the past, including positions at companies such as Adobe Systems, Macromedia, and Juniper Systems, among others.
Kallasvuo, as is normal in these situations, departs with a severance package to honor his 30 years of service to the company, totaling about €4.6 million (Euros) plus 100,000 restricted Nokia shares that will vest on Oct. 1, 2010.
Elop arrives at a crossroads for Nokia, as the company must decide what it needs to do in order to maintain market dominance. While Nokia still reigns supreme worldwide when it comes to phone sales, Nokia has failed in recent years to make an impact in the American market.