Phone company Nokia is now on the hunt for a new CEO who will be tasked with helping turn the company around, even though it still controls 40% of the phone market.

Current CEO Olli-Pekka Kallasvuo has failed to transition the company as consumers steadily choose smartphones instead of regular mobile phones.  Nokia remains the No. 1 phone maker in terms of phones shipped, but has lost ground to Apple, Research In Motion, and other smartphone makers.

Kallasvuo has led Nokia since 2006, but was unable to secure a strong lead on the market before the iPhone was released one year later.  RIM also saw success with its line of BlackBerry smartphones seeing a migration from the corporate world to the consumer market.

Nokia hasn't made a public statement regarding a CEO shakeup, but a source told the Wall Street Journal that the company is "serious about making a change."  A final decision could be made by the end of the month.

At least two U.S. CEOs were approached for the Nokia position, but one said he is unwilling to move to Finland.

Nokia must try to battle back to relevancy by developing a more robust mobile OS and app store.  The Finnish company still supports its Symbian OS, but the newest version has been delayed -- but Nokia is working with Intel to develop the MeeGo OS.

The company still has a major presence in Europe and several emerging markets, though India and other markets eat into Nokia's profit margins.  However, analysts also said Nokia hasn't been able to create major innovations, which is why the company focuses on emerging markets.