Nokia names Rajeev Suri as new CEO

Posted Apr 29, 2014

Nokia has named Rajeev Suri as the new CEO of the company. Suri has been head of Nokia Solutions and Networks (NSN) since October 2009. NSN is going to become Nokia’s primary business after selling its mobile phone unit to Microsoft for over $7 billion. Nokia’s former CEO Stephen Elop became an executive vice president of the Microsoft devices group.

Nokia chairman Risto Siilasmaa said Suri had “a proven ability to create strategic clarity, drive innovation and growth, ensure disciplined execution, and deliver results.” Suri has been working at Nokia for 20 years and had led NSN since October 2009. He helped make Nokia profitable. Nokai said 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 1 billion euros.

Nokia said it was now going to focus on networks, mapping services, licenses, and technology development. Nokia’s first quarter sales fell by 15% from a year agogo 2.67 billion euros, mostly by a drop in sales at its networks division. Its underlying operating profit rose 20% from a year ago to 304 million euros during the period. Nokia said it expects sales at the networks unit to increase in the second half of the year.

[Image: Bloomberg]