Ex-Nokia CEO Jorma Ollila says the former No. 1 mobile phone company made several mistakes at its peak, including failure to predict changing customers' needs.In his autobiography, which translates from the Finnish as 'An Impossible Success', Ollila concedes that after 2001 the Finnish company was unable to sustain its role as the main innovator in the wireless industry.
Pentair President and Chief Operating Officer Michael Schrock plans to retire at year's end. Schrock, 60, started at the flow control company in 1998. He became president and COO of the company in 2006, when it was based in Minnesota.
Ford's board of directors has ended a two-day quarterly meeting without issuing a public statement on the future of CEO Alan Mulally. Microsoft Corp. is reportedly considering Mulally as a replacement for CEO Steve Ballmer, who is due to step down next year.
Battery maker A123 Systems said Wednesday that Jason Forcier, the head of its automotive systems business, will become CEO of the company as it reorganizes under new ownership. The company was acquired in a bankruptcy auction by Chinese auto parts conglomerate Wanxiang Group.
Mulally says he's made no changes to his plan to stay at Ford through the end of 2014. But he hasn't denied rumors that Microsoft Corp. is courting him. Ford's board of directors will gather in Dearborn, Mich., starting Wednesday. One of the items on the agenda will be a discussion of Mulally's future at the company.
President Barack Obama's top adviser on environmental and climate issues is leaving. Heather Zichal has been advising Obama for five years and is the architect of his climate change plan. She also advises Obama on energy issues. Zichal plans to leave the White House within a few weeks.
Swartz, once Tyco's chief financial officer, was convicted along with former CEO Dennis Kozlowski on 22 counts of grand larceny, conspiracy, falsifying records and violating business law after prosecutors claimed they gave themselves millions in illegal bonuses and forgiven loans.
Oracle is trying to ward off a shareholder rebellion against policies that have consistently made its billionaire co-founder, Larry Ellison, one of the best-paid CEOs in the world. Oracle Corp. awarded Ellison a pay package valued at $78.4 million in its last fiscal year, down from $96.2 million the previous year.
About 60,000 people have come from all over the world to attend Oracle's biggest customer conference of the year, but Oracle CEO Larry Ellison left no doubt Tuesday that his boating team's defense of the America's Cup is a higher priority.
Nokia Corp. says it will pay outgoing CEO Stephen Elop a compensation package of some $25 million (19 million euros) when he leaves the company to move over to Microsoft. The announcement comes in the wake of Microsoft's plans to buy Nokia's phone business for $7.2 billion, including a portfolio of patents and services.
Jacqueline Hinman has been named chief executive officer of CH2M Hill, making her one of the few women to run a major U.S. engineering firm as the company's revenue continues to soar. Hinman will assume the post Jan. 1 when current CEO Lee McIntire steps down. McIntire will remain chairman of the board.
Eiji Toyoda, a member of Toyota's founding family who helped create the super-efficient "Toyota Way" production method, has died. He was 100.Toyoda, a cousin of the Japanese automaker's founder Kiichiro Toyoda, died Tuesday of heart failure at Toyota Memorial Hospital in Toyota city, central Japan.
Microsoft Corp. co-founder Bill Gates is still America's richest man, taking the top spot in the Forbes 400 list for the 20th-straight year with a net worth of $72 billion.Investor Warren Buffett, the head of Berkshire Hathaway Inc., remains in second place with $58.5 billion.
Ford Motor Co.'s marketing and sales chief in the U.S. is retiring as of Nov. 1. Ken Czubay, 64, will be replaced by John Felice, who will be vice president of U.S. marketing, sales and service. The company also named Barb Samardzich as chief operating officer at Ford of Europe.
In an interview last month, chief operating officer Carlos Tavares told Bloomberg that he doubted he'd ever become head of Renault because Ghosn is still relatively young. He said he would like to be chief executive somewhere, and he thought his best chance was at a U.S. automaker.
The chief executive of Ford Motor Co. says he has no plans to leave the company early after reports that he might be tipped to take a leading role at software maker Microsoft Corp. Ford said last year that Alan Mulally would stay with the company through at least 2014.
United Technologies Corp. has announced that David Hess is retiring as president of its Pratt & Whitney subsidiary, to be succeeded by Chief Operating Officer Paul Adams.The 58-year-old Hess is retiring Jan. 1 after 34 years with UTC.
In a statement Tuesday, Renault said it would instead add two new posts: chief competitive officer, who would be in charge of the product range, and chief performance officer, who would focus on market share and profitability. Employee representatives will review the plan next week.
The mayor of a rust belt small town is literally getting her hands dirty in hopes of revitalizing Gary, Ind. Once a major steel center, the city's population has dropped by half, and some of its neighborhoods are riddle with crime. Karen Freeman-Wilson, the city's current mayor, has a positive outlook on the future of her city.
Microsoft CEO Steve Ballmer, who took over the helm of the world's largest software company from founder Bill Gates, will retire within the next year. Microsoft Corp. did not name a successor, but said the company is forming a search committee, which will include Gates. Ballmer will stay on until a replacement is found.
Caterpillar Inc., which makes construction and mining equipment, said Tuesday that three of its long-time vice presidents have decided to retire in February.Steve Fisher, 58, and vice president of the large power systems and growth markets division, is retiring after 35 years with the company.
Denmark's troubled wind turbine producer Vestas has appointed Anders Runevad as its new CEO as the company looks to deal with mounting losses.Runevad, who comes from the Swedish telecommunication company Ericsson, will take over on Sept. 1.
Defense contractor BAE Systems PLC said Tuesday that the CEO and president of its U.S. subsidiary will retire next year. Linda Hudson, who has led the U.S. unit since 2009, will remain at her post through the first quarter of 2014.
Steve Kiefer, who heads Delphi Corp.'s Powertrain Systems, will join the auto giant on Sept. 1. In addition to leading GM's powertrain business, he also will oversee engine development. Jim Lanzon will remain as vice president of global transmissions.
The founder of America's leading supplier of body armor to the U.S. military was sentenced Thursday to 17 years in prison for running a $185 million stock swindle in which he used the proceeds to finance luxuries such as lavish parties featuring Tom Petty, Aerosmith and the Eagles.