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Nokia hunting for a new CEO?

Nokia is reportedly undertaking a search for a new CEO to lead the company, amid mounting criticism that the company is struggling to keep up in the smartphone race.

Nokia -- once the powerhouse of mobile phone development -- is struggling to keep up with the pace and innovation of the high-end smartphone world, with competitors including Apple and Google rapidly stealing market share from the mobile giant. The company does maintain a 40% market share worldwide, but stock prices are falling, and investor confidence waning, as the company attempts to find a foothold that will propel them into the smartphone game.

Officials from Nokia won't comment on the report, but the Wall Street Journal today cites "people familiar with the matter" as saying that the Nokia board is looking for a new executive to run the company, and takeover from current CEO Olli-Pekka Kallasvuo who has held the position since 2006.

According to the Wall Street Journal, potential US candidates -- including an executive from a "major U.S. high-tech company" who decided to pull out because he didn't want to live in Finland -- have been flown to Finland for interviews, although at this stage a decision has not been made.

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