Blog Coverage Shake-up in Nokia Top Management Ahead of Business Reorganization; Head of Mobile Networks Quits
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LONDON, UK / ACCESSWIRE / March 20, 2017 / Active Wall St. blog coverage looks at the headline from Nokia Corp. (NYSE: NOK) as the Company announced strategic and critical changes in its organization structure and top management team ("Global Leadership Team" referred to as GLT) on March 17, 2017. The changes will come into effect from April 01, 2017. Register with us now for your free membership and blog access at:
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One of Nokia's competitors within the Communication Equipment space, Inseego Corp. (NASDAQ: INSG), reported on March 09, 2017, its financial results for the fourth quarter ended December 31, 2016. AWS will be initiating a research report on Inseego in the coming days.
Today, AWS is promoting its blog coverage on NOK; touching on INSG. Get all of our free blog coverage and more by clicking on the link below:
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Changes in Organization structure
Nokia plans to divide its current Mobile Networks business group into two separate and individual units - Mobile Networks and Global Services. The Mobile Networks unit will focus on products and solutions whereas the Global Services unit will focus on the services related business. Apart from this, the Company's Chief Innovation and Operating Officer (CIOO)'s area of operations will also be divided into three separate positions. The positions current responsibilities will be covered by a newly inducted incumbent with the title of Chief Operating Officer (COO). The innovations part of the CIOO's responsibilities will be handled by the Chief Technology Officer (CTO) and the incubation part will be given to the Chief Strategy Officer (CSO).
Sharing his thoughts on the changes, Rajeev Suri, President and CEO of Nokia said:
"These changes are designed to accelerate the execution of our strategy They will strengthen our ability to deliver strong financial performance, drive growth in services, meet changing customer demands in mobile networks, achieve our cost saving and ongoing transformation goals, and enable strategic innovation across our networks business."
Nokia's other verticals, Ultra Broadband Networks, IP Networks, and Applications and Nokia Technologies, will continue to be part of the Company's organization and financial setup.
Changes in Global Leadership Team
Based on the above changes in its business, the following shuffle has been announced with each position clearly defined, with distinct role, focus areas, and responsibilities.
Marc Rouanne has been appointed as President of the Mobile Networks business group and will focus on mobile products and solutions. He will be responsible for Nokia's 4G, 5G, cloud core, small cells, and other advanced mobile solutions.
Igor Leprince has been appointed as President of Global Services and will focus on the new business unit of Services, which is a part of the Mobile Networks business group. He will be responsible for the Company-wide managed services.
Monika Maurer will take over as Group COO. She will be responsible for Nokia's operating model, Global Operations which includes manufacturing and supply chain. In her role, she will be overseeing functions like procurement, implementation of cost saving, and ongoing transformation activities, information technology, real estate, and quality.
Marcus Weldon will continue in his current role and responsibilities as President of Nokia Bell Labs and Chief Technology Officer.
Kathrin Buvac, who is currently the Chief Strategy Officer, has been given the added responsibilities of handling the incubation of select new business opportunities.
Barry French, who is currently the Chief Marketing Officer, has been given the added responsibilities of handling Health, Safety, Security, and Environment.
All of the above positions will report to Nokia's CEO and will be a part of Nokia's GLT.
Exit of Samih Elhage, Head of Mobile Networks
Samih Elhage, the Head of Mobile Networks, has put in his papers and has decided to follow new opportunities outside of Nokia. He will continue in his role and be a part of Nokia's GLT till April 01, 2017, after which he will continue as an advisor till May 31, 2017. Samih Elhage had joined as COO of Nokia Siemens Networks in 2012 and later on became the Chief Financial and Operating Officer before being made Head of Mobile Networks in April 2014.
He has been credited with the successful acquisition and integration of Alcatel-Lucent into Nokia. Nokia had completed the acquisition of Alcatel-Lucent in November 2016. The deal was marred by the litigation concerning Nokia's public buy-out offer and squeeze-out for Alcatel-Lucent's securities which was later successfully settled in December 2016.
Commenting on Samih Elhage's tenure with Nokia, Rajeev Suri said:
"He has been a close friend and advisor through times both good and bad, and I fully support his desire for a change."
Whether the strategic changes influenced the exit of Samih Elhage, or vice-versa, can only be speculated. However, given the slowdown in sales and profits of Nokia in the recent past, the latest overhaul seems to give the Company direction and focus on customer demands.
Stock Performance
At the closing bell, on Friday, March 17, 2017, Nokia's stock was slightly up by 0.18%, ending the trading session at $5.46. A total volume of 9.14 million shares were traded at the end of the day. In the last month and previous three months, shares of the Company have advanced 9.20% and 16.17%, respectively. Moreover, the stock gained 13.51% since the start of the year. The Company's shares have a dividend yield of 5.31%. At Friday's closing price, the stock's net capitalization stands at $31.88 billion.
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