Risto Siilasmaa rumored to become Chairman of Nokia

Nokia suggested this morning to Bloomberg Businessweek that they consider Risto Siilasmaa one of the leading candidates to replace Chairman Jorma Ollila. Siilasmaa is the founder of software maker F-Secure Oyj, best known for it’s computer back up and antivirus software. Nokia has declined to comment on the matter, which still has yet to be confirmed since their nominating committee still has yet to be convened. If Nokia follows tradition, board changes will be announced by the end of January.Risto Siilasmaa joined Nokia’s board in 2008, and has seen the company lose two thirds of it’s market share in the past four years. With the promotion of Siilasmaa, Nokia hopes to regain a foothold in the smartphone market- a market that it used to dominate.Nokia is currently trading up from $5.08 to $5.33.Nokia (NYSE:NOK) has potential upside of 30.9% based on a current price of $5.32 and an average consensus analyst price target of $6.96.

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