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Nokia names Rajeev Suri as its post-handset CEO

The Finn end of the wedge
Tue Apr 29 2014, 10:30
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ALTHOUGH THE HEADLINES have focused on the sale of Nokia's Devices and Services division to Microsoft that was completed this week, parent company Nokia Corporation has announced that Rajeev Suri will become president and CEO of what's left of the company.

It's easy to forget that when we talk about the future of Nokia, the Finnish company still has three other businesses trading under the Nokia name, concentrated largely on design of internal components.

Rajeev Suri, former president of Nokia Networks - previously Nokia-Siemens - will take the top job from 1 May.

"I am honored to have been asked to take this role, and excited about the possibilities that lie in our future," said Rajeev Suri.

"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. I look forward to working with the entire Nokia team as we embark on this exciting journey."

The 'new' Nokia will concentrate on three businesses - Networks, providing connectivity and bulk data transfer, Here, offering location services, and Technologies, low power sensors for wearables.

The company will use the proceeds from the sale to Microsoft to shore up its financial situation with a "€5bn capital structure optimisation program which focuses on recommencing ordinary dividends, distributing deemed excess capital to shareholders, and reducing interest bearing debt".

Microsoft premiered its first post-takeover Nokia advertising on Monday, confirming that it will be phasing out its use of the Nokia brand. µ

 

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