Nokia CTO Abandons Ship

From DailyTech: It's been nearly eight months since we last reported a major Nokia executive's defection from the struggling company — after a string of them [1 2 3]. But the brief lull doesn't make today's news about the possible resignation of Nokia's chief technology officer any better for the Finland-based handset manufacturer.

According to Reuters, Nokia CTO Richard Green took a leave of absence and was unlikely to return over disagreements with the company's management decisions, namely ditching MeeGo in favor of Windows Phone.

A spokesperson told Reuters that Henry Tirri, head of Nokia Research Center, will be the acting CTO in the interim, and would not confirm whether or not Green was gone for good (only that he'd taken a leave of absence).

Meanwhile, Nokia's struggles have prompted speculation that the company is a target for takeover by another company. Nokia CEO Stephen Elop dismissed those rumors as "baseless," saying the company was not for sale.

Nokia's troubles in the market appear to be accelerating, too. Last week, the company warned its second quarter results would be far below earlier forecasts, and the S&P cut its debt rating for Nokia, placing it on CreditWatch. This was after Fitch ratings agency placed Nokia's bonds one notch above junk grade.

"I think that this ... will confirm to the most skeptical people that Nokia can never make a turnaround," Strand Consult Head John Strand told Reuters. "The victim here is again the shareholder."

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