Under-fire Nokia CEO Olli-Pekka Kallasvuo has been shown the door by the Finnish phone giant, with his position being given to Stephen Elop, who moves from Microsoft.

There had been widespread reports that Kallasvuo would pay the price for Nokia's massive drop in profits and it seems that those reports were accurate.

Kullasvuo will depart on 20 September, but, if he's anything like us at Pocket-lint, he'll most likely spend his last few days playing Stick Cricket and reading random articles on Wikipedia, which is what we tend to do whenever we are working out a notice period.

"The time is right to accelerate the company's renewal; to bring in new executive leadership with different skills and strengths in order to drive company success," read a Nokia statement.

"The Nokia Board believes that Stephen has the right industry experience and leadership skills to realise the full potential of Nokia."

Elop was previously in charge of Microsoft's business division which meant he was in charge of Office, amongst other things.

The announcement comes just days before Nokia's world conference and just a couple of weeks prior to the launch of a new flagship device, the N8.