Nokia Corp. announced plans to revamp its ailing business, saying it intends to cut 10,000 jobs, close factories and research facilities, and name new heads of mobile phones and sales, reported the Wall Street Journal Thursday.

As well, Nokia warned that its second-quarter loss would be worse than the company previously forecast. The lowered forecast is Nokia’s third reduction in its earnings outlook in a little over a year reported the Journal.

The latest 10,000 job cuts, or about 8% of the company’s global workforce, follow nearly 14,000 job cuts announced by the company in 2011.

Chief Executive Stephen Elop said the company’s transition to a new phone software is taking longer than he initially anticipated.

“We have very challenging business conditions and it’s very important that we move forward aggressively and urgently,” Elop said. “We need to ensure that we have the capital requirements in place to help us through our transition.”

The company continues to suffer competition from Apple Inc.’s iPhone and Google Inc.’s Android software.

The company announced executive changes today; renewing its leadership team in an effort to reshape its ailing business.

The company appointed Juha Putkiranta as executive vice president of operations; Timo Toikkanen as executive vice president of Mobile Phones, Chris Weber as executive vice president of sales and Marketing; Tuula Rytila as senior vice president and chief marketing officer; and Susan Sheehan as senior vice president of communications.