Several senior officials on Nokia Corp.'s group executive board are expected to leave soon as part of a major shake-up being considered by the Finnish cellphone giant's new chief executive, according to a person familiar with the situation.

Exactly who will leave the company remained unclear. Stephen Elop, a Microsoft Corp. veteran who was hired in September to help revive Nokia, is finalizing his plan to revamp the company, which has been losing ground in the lucrative market for smartphones. Mr. Elop is expected to present...