Nokia New CEO Unveiled
Rajeev Suri is Nokia’s new CEO & President, effective May 1.
The announcement comes days after the sale of its Devices & Services business to Microsoft was finalised on April 25.
Nokia’s Board appointed Indian-born Suri, a Nokia veteran who has worked at the Finnish giant since 1995, in a range of leadership positions.
Since October 2009, he has served as CEO of Nokia Solutions and Networks (NSN), the former joint venture between Nokia and Siemens, which contributes about half the company’s revenues, now fully owned by Nokia.
During his tenure, NSN went through a radical transformation to become one of the industry’s leaders, and serves more than 90 of the world’s 100 largest telecom operators.
Suri said he is “honored to have been asked to take this role, and excited about the possibilities that lie in our future.”
Nokia also today announced its new strategy in the wake of the Devices sale – to focus on developing NSN, location services, and Technologies.
“Nokia, with its deep experience in connecting people and its three strong businesses, is well-positioned to tap new opportunities during this time of technological change,” Suri said.
“The world of technology is on the verge of a change that we believe will be as profound as the creation of the internet.”
“With our three strong businesses – Networks, HERE and Technologies – and position as one of the world’s largest software companies, we are well placed to meet our goal to be a leader in the technologies for a world where everybody and everything is connected.”
Nokia also announced a EUR 5 billion capital structure optimization program including a EUR 2 bn debt reduction program and dividend payout to shareholders, as it prepares to spend the proceeds of the billion dollar Microsoft deal.