ATLANTA (July 20, 2010) -- The Garlington Report (TGR) has learned that executive search firm, Spencer Stuart, is guiding an effort to find a new CEO at Nokia, the Espoo, Finland-based phone manufacturer. One of the firm's market leaders, Jim Citrin, is reportedly leading the search for Nokia's board yet directly refused further comment earlier today.
It should be noted that "learned" and "reportedly" are not the same as confirmed. Based on the firm's lack of official confirmation despite repeated attempts, we are reporting what we believe to be true vs. citing unnamed sources or "persons familiar with the matter."
This marquee assignment further illustrates Spencer Stuart's hold on major search and advisory work at the Fortune 500 level. Tracing back to last year following the market crash in late 2008, the firm has handled several of the more consequentially perceived board/leadership makeovers at GM, AIG and Citigroup. A Wall Street Journal article published last year reported that senior-level members of the Obama administration suggested calling one of Spencer Stuart's top recruiters, Tom Neff, directly on the GM situation. That effort led to the selection of former AT&T Chairman and CEO Ed Whitacre as the company chairman, and then CEO of the newly re-organized company.
Stay tuned for more coverage on who may fill the Nokia CEO position, and perhaps more importantly, what the selection of Spencer Stuart may mean to Nokia's current board composition. Here's a teaser:
According to governance guidelines on the company's web site, http://www.nokia.com/about-nokia/corporate-governance/board-of-directors, the board currently comprises 10 members with nine non-executive directors who are "independent as defined by Finnish standards." That same number drops to eight, according to "rules of the New York Stock Exchange."
At Nokia's annual meeting held on May 6, 2010, the board's independent directors elected Jorma Ollila to continue to serve as chairman and Marjorie Scardino as vice chairman. Scardino formerly served as chief executive of the Economist Group (1993-1997) and has been CEO of the Economist's owner, Pearson PLC, since January 1997.* Ollila formerly was Nokia's CEO (1999-2006) and currently serves as chairman of the board of Royal Dutch Shell in addition to his chairman duties at Nokia.Out of the non-executive director slate, only Scardino currently serves as CEO of a major company. This fact, combined with the selection of Spencer Stuart, suggests a further shake-up of the board may be in the works.
Left to right: Jorma Ollila, Marjorie Scardino and Jim Citrin (Credit: Nokia and Spencer Stuart web site photos)
It should be noted that "learned" and "reportedly" are not the same as confirmed. Based on the firm's lack of official confirmation despite repeated attempts, we are reporting what we believe to be true vs. citing unnamed sources or "persons familiar with the matter."
This marquee assignment further illustrates Spencer Stuart's hold on major search and advisory work at the Fortune 500 level. Tracing back to last year following the market crash in late 2008, the firm has handled several of the more consequentially perceived board/leadership makeovers at GM, AIG and Citigroup. A Wall Street Journal article published last year reported that senior-level members of the Obama administration suggested calling one of Spencer Stuart's top recruiters, Tom Neff, directly on the GM situation. That effort led to the selection of former AT&T Chairman and CEO Ed Whitacre as the company chairman, and then CEO of the newly re-organized company.
Stay tuned for more coverage on who may fill the Nokia CEO position, and perhaps more importantly, what the selection of Spencer Stuart may mean to Nokia's current board composition. Here's a teaser:
According to governance guidelines on the company's web site, http://www.nokia.com/about-nokia/corporate-governance/board-of-directors, the board currently comprises 10 members with nine non-executive directors who are "independent as defined by Finnish standards." That same number drops to eight, according to "rules of the New York Stock Exchange."
At Nokia's annual meeting held on May 6, 2010, the board's independent directors elected Jorma Ollila to continue to serve as chairman and Marjorie Scardino as vice chairman. Scardino formerly served as chief executive of the Economist Group (1993-1997) and has been CEO of the Economist's owner, Pearson PLC, since January 1997.* Ollila formerly was Nokia's CEO (1999-2006) and currently serves as chairman of the board of Royal Dutch Shell in addition to his chairman duties at Nokia.Out of the non-executive director slate, only Scardino currently serves as CEO of a major company. This fact, combined with the selection of Spencer Stuart, suggests a further shake-up of the board may be in the works.
Left to right: Jorma Ollila, Marjorie Scardino and Jim Citrin (Credit: Nokia and Spencer Stuart web site photos)
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*Scardino's current role at Pearson is not listed on her bio under board of director information posted at Nokia's web site.
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