Nokia describes the management overhaul it’s undertaking as a common “job rotation,” but coming as it does after its lousy third-quarter financial performance and a worrisome decline in smartphone market share, it seems perhaps just a little bit more. This morning the Finnish mobile phone giant tapped Rick Simonson, currently its chief financial officer, as head of its handset division. And the company named Timo Ihamuotila, currently global head of sales, CFO.

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Oracle CEO Larry Ellison is taking a $999,999 pay cut. According to a company filing with the Securities and Exchange Commission, Ellison will receive a base salary of $1 for fiscal 2010, down from the $1 million he collected in fiscal 2009.

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Earlier this week John Fitzgibbon, founder of IPOScoop.com, said that LogMeIn was an IPO “candidate that should blow the socks off people.” Looks like he was right.

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No surpises here. The econalypse has sent IT managers scrambling to redraft their already diminished 2009 budgets. About 42 percent of chief information officers have cut their budgets to grapple with the souring economy, according to a new survey by Gartner.

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QOTD

“In the end, in attempting to ‘do no evil,’ Google has done exactly that. I say this not just as someone running a content site but also as an end user. If this inequity of support continues along these lines, we will see a continuing destruction of our journalistic enterprises–enterprises that are one of the core building blocks of our democracy. Last year, while addressing the magazine publishers and editors of the MPA at the Google Campus, Eric Schmidt suggested that the Web was a ‘cesspool’ and that it was up to the major journalistic brands to clean it up. Well, Eric, in a great many ways, Google has helped to create that cesspool, and as such I would hope that it can be part of the solution.”

– Forbes CEO Jim Spanfeller

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The souring economy is closing the divide between the rich and the obscenely rich. Forbes just published its annual list of billionaires and it has 332 fewer names this year than it did last year. Among those who’ve suffered grotesque losses: Microsoft co-founder Bill Gates and Berkshire Hathaway Chairman Warren Buffett.

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Microsoft chairman Bill Gates may be wealthier than you or I, but he’s not wealthier than Warren Buffett. The Berkshire Hathaway boss has overtaken Gates as the world’s wealthiest man.
According to Forbes, Buffett is worth $62 billion. Gates is worth just $58 billion, which puts him in third place on the publication’s billionaires list behind [...]

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