Nokia appoints Rajeev Suri as new CEO

With Microsoft's purchase of Nokia's handset business, Nokia's former CEO, Stephen Elop became the Vice President of Microsoft's Devices & Services business unit. Today Nokia announced that Rajeev Suri had been appointed as the company's new Chief Executive Officer.

Mr. Suri is a 46-year old electronics and telecom engineer who has been on top of Nokia's mobile network unit since 2009. In the past, he accomplished a successful turnaround of Nokia's Solutions and Networks division which was left in shambles after merging with Siemens's network unit back in 2006.

"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."

Nokia's three-part strategy for the future

Nokia believes that over the next 10 years billions of connected devices will converge into intelligent and programmable systems that will have the potential to improve lives in a vast number of areas: time and availability, transportation and resource consumption, learning and work, health and wellness, and many more. This new world of technology will require

1. Connectivity capable of handling massive numbers of devices and exponential increases in data traffic; 
2. Location services that seamlessly bridge between the real and virtual worlds; and
3. Innovation, including in sensing, radio and low power technologies. Nokia's vision is to be a leader over the long term in these three areas.

"The world of technology is on the verge of a change that we believe will be as profound as the creation of the internet" said Rajeev Suri. "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."

At present, Nokia will embark on an approximately $6.9 billion (5 billion EUR) capital structure optimization program, which involves paying off dividends to shareholders, repurchasing shares, reducing debt, and other financial efforts.


source -  Nokia | WSJ