everex
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https://www.bloomberg.com/news/arti...teps-down-after-struggling-to-make-5g-headway
Nokia Oyj is replacing Chief Executive Officer Rajeev Suri as the Finnish maker of phone gear seeks to make up lost ground to Huawei Technologies Co. and Ericsson AB in the race for 5G networks.
Pekka Lundmark, the 57-year-old CEO of Fortum Oyj, will take over from Suri at the start of September, the company said Monday. Nokia shares jumped as much as 4.9% in Helsinki.
“We see the CEO change as positive because in the current situation Nokia needs a bigger change, and that starts from the renewal of management,” wrote Inderes analyst Mikael Rautanen.
Nokia fell behind rivals just as the company was on the cusp of large-scale rollouts of fifth-generation mobile equipment. After problems developing proprietary chip-sets, it was forced to buy more expensive alternatives, adding to costs and eroding profits. Even U.S. President Donald Trump’s campaign against China’s Huawei has failed to reverse its fortunes.
In the face of fierce competition, Nokia has begun exploring strategic options, including potential asset sales or mergers, Bloomberg News reported last week, citing people close to the deliberations. Chairman Risto Siilasmaa said at a press conference Monday that no strategic actions are currently planned.
Nokia Oyj is replacing Chief Executive Officer Rajeev Suri as the Finnish maker of phone gear seeks to make up lost ground to Huawei Technologies Co. and Ericsson AB in the race for 5G networks.
Pekka Lundmark, the 57-year-old CEO of Fortum Oyj, will take over from Suri at the start of September, the company said Monday. Nokia shares jumped as much as 4.9% in Helsinki.
“We see the CEO change as positive because in the current situation Nokia needs a bigger change, and that starts from the renewal of management,” wrote Inderes analyst Mikael Rautanen.
Nokia fell behind rivals just as the company was on the cusp of large-scale rollouts of fifth-generation mobile equipment. After problems developing proprietary chip-sets, it was forced to buy more expensive alternatives, adding to costs and eroding profits. Even U.S. President Donald Trump’s campaign against China’s Huawei has failed to reverse its fortunes.
In the face of fierce competition, Nokia has begun exploring strategic options, including potential asset sales or mergers, Bloomberg News reported last week, citing people close to the deliberations. Chairman Risto Siilasmaa said at a press conference Monday that no strategic actions are currently planned.
