Nokia is all set to replace sitting Chief Executive Officer Olli-Pekka Kallasvuo, who has been failed in an attempt to stay in smartphone competition to Apple and Samsung in the last few years, with Stephen Elop who has proven track record in Microsoft Corp. However, the new path way for Stepehen is not going be a cake walk as Nokia has filed all and lots of expectations and handed over to him already to execute.

In last few years Nokia has lost a major share in Smartphone market and struggling to address the needs from its loyal customers who are slowly turning up towards Apple and Samsung who are riding high with the success of iPhone and GalaxyS subsequently. Nokia has two main issues to address: a steep loss in earning and a market share in leading edge mobiles that is being assaulted by iPhone/Android/RIM.

With the new target to accomplish, Elop seems to be very realistic and in control. In a press conference Elop said “My role as leader of Nokia is to lead this team through the period of change, take the organization through this period of disruption…to meet the needs of its customers, while delivering superior financial performance,” as reported by WSJ.

Being a Finland based company, Nokia has always ensured to have control only with Fin-man till now but the Elop. With the new role to start from September 21, Elop is currently serving his expertise to Microsoft Corp, as Head – Business Division. He has huge success record of Office 2010 in his kitty at Microsoft. Prior to Microsoft, Elop was CEO at network company Juniper Networks Inc. and president of Adobe.

Nokia has made a mountain of mistakes, from arrogantly thinking the U.S. public would switch from CDMA to GSM a few years ago (so ignoring CDMA phones), to the launch of the iPhone and the rise of Android.

In July Nokia announced that net sales in the second quarter of 2010 topped 10 billion euros (that’s a little over $12.8 billion) across units, and that it has shipped more than 111 million mobile devices, up 8% from Q3 2009. However, net income fell to 227 million euros, down from 380 million euros a year earlier. That’s a steep 40% drop in net profits.

The only good news for Elop is the launch of company’s latest bet in smartphone N8 with Symbian 3.  The success of N8, if company manage to do so, can help to buy some time till an extent for Elop. With the new Android 3.0, for which Google is working, and iOS 5.0 it will be a challenge to cut the piece from market for company.