Tuesday, April 29, 2014

Nokia names Rajeev Suri as new chief executive

Nokia names Rajeev Suri as new chief executive

Rajeev Suri  
Mr Suri has been the head of Nokia's network equipment unit since October 2009

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Nokia has named Rajeev Suri as its new chief executive officer.

The 46-year old has until now led Nokia Solutions and Networks (NSN), the network equipment unit of the firm.

The unit is set to become its key business after Nokia finalised the sale of its mobile phone division to Microsoft last week.

The sale saw Nokia's former chief executive Stephen Elop leave the firm to become executive vice president of the Microsoft devices group.

Risto Siilasmaa, chairman of Nokia, said Mr Suri "has a proven ability to create strategic clarity, drive innovation and growth, ensure disciplined execution, and deliver results".
Indian-born, Mr Suri has been working at Nokia for the past 20 years and has lead the firm's network equipment unit since October 2009, helping to make it profitable.
Future strategy
The Finnish company said it would now focus on networks, mapping services, technology development and licences.
Nokia phone on tablet  
The sale of Nokia's mobile phone division to Microsoft was completed last week
Nokia said it expects billions of devices to become interconnected over the next ten years across a range of sectors such as transportation, health and wellness.

It said this development would require increased connectivity to handle the growing data traffic, improved location services as well as innovation in areas such as radio and low power technologies.

"Nokia's vision is to be a leader over the long term in these three areas," the firm said in statement.

The company also announced that it would pay a special dividend of 0.26 euros ($0.36) per share - subject to shareholder approval - in 2014 as a result of the sale of its mobile phone unit.

The extra dividend amounts to around 1bn euros.

Nokia sold its mobile phone business to Microsoft for 5.44bn euros ($7.5bn; £4.5bn).

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