By Mark Kleinman, City Editor
The boss of Vertu, the luxury mobile phone-maker, has been forced out a year after Nokia sold the company to one of Europe's leading buyout firms.
Sky News understands that Perry Oosting, who had been president of Vertu during its ownership by the Finnish telecoms group, was let go by EQT Partners.
Mr Oosting has been replaced by Max Pogliani, who was previously Vertu's chief marketing officer.
The management shake-up came a year to the day since EQT bought the luxury mobile group, which makes handsets containing platinum, diamonds, gold and other expensive materials.
Vertu phones are usually priced at more than £10,000 each, and are handmade at its headquarters in Hampshire.
It was established in an attempt to capitalise on growing demand from wealthy Asian and Arab customers for premium consumer products.
The reasons for Mr Oosting's ousting are unclear although Vertu's sales during the last year are understood to have been disappointing.
Nokia offloaded a 90% stake in the business, which was founded in 1998, as part of efforts to transform its fortunes amid waning handset sales and intense competition from Apple and Google.
Vertu has hundreds of retail outlets around the world, including several in London. In 2011, it generated sales of about £225m.
In addition to its range of phones, Vertu offers a portfolio of services and accessories, including a round-the-clock concierge service. It has around 1,000 employees and its products are sold in more than 50 countries through own retail and trade partners' stores.
EQT, which is based in Sweden, is one of Europe's biggest private equity groups and owns companies including SSP, the British operator of food and drink concessions.
At the time of the Vertu acquisition, which is understood to have cost EQT around £170m, Jan Stahlberg, a partner at the buyout firm, said: "With its strong brand, undisputed category leadership and attractive growth outlook, Vertu fits well with EQT's investment strategy.
"EQT is excited about the opportunity to develop Vertu as a standalone company and drive the development of the luxury mobile phone category through significant investments in retail expansion, marketing and product development."
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