According to a Monday report in the Wall Street Journal (WSJ), the leading smartphone maker Nokia is planning to keep pace with the intensifying competition in the smartphone arena – a strategic move for which the company is looking for a replacement for its current CEO Olli-Pekka Kallasvuo.

Kallasvuo has been with the company since 1980, when he joined as corporate counsel; and was largely responsible for persuade investors to stick with the company during its transition from a multinational to a phone maker.

In the 1990’s Kallasvuo led Nokia’s business in the Americas; and, in 1999, he returned to the CFO post. In 2004, he became the chief of the mobile-phone division; and, two years later, he took over as CEO, replacing the current chairman Jorma Ollila.

Citing unidentified sources in the know of the proceedings, the WSJ report further revealed that the Finland-based Nokia has already approached a number of US technology companies for the post; and that a decision about a new CEO will likely be made by the end of July.

As per the report, one of the candidates approached by Nokia has refused the offer after the company’s Chairman Ollila said that the post requires the relocation of the new CEO to Finland.

Furthermore, the new CEO will also need to convince investors about Nokia’s capability in offering substantial competition to Apple’s iPhone and Research In Motion (RIM)’s BlackBerry.