He then replaced Jorma Ollila and served as president and chief executive officer of Nokia Corporation from 1 June 2006 until he was fired from his post on 11 September 2010.

[4] During Kallasvuo's term as CEO, Nokia's share of the smartphone market fell from 48% in 2006 to 31% by his departure in late 2010 (according to Financial Times figures - [citation needed]).

During this period, Nokia's management failed to respond to the rapidly changing environment of the smartphone and wider mobile market, with the lack of platform and UI development contributing to the decline.

The slow pace of development and weak support of the company's own Maemo OS, subsequently known as Meego and featured on the N900 and N9 handsets, left the company with no platform to compete with Apple's iPhone or Google's Android platforms, with key partner Intel abandoning the Meego project in 2011 shortly after Kallasvuo's departure from Nokia.

In January 2013, it was announced that Olli-Pekka Kallasvuo was the new chairman of the board for Zenterio AB, a Swedish TV software company.