Nokia, No Longer in Mobile Market, Preps for Future
Nokia has completed its sale to Microsoft and made former NSN CEO Rajeev Suri its new CEO. The opportunities ahead, he said, are great.Nokia, the nearly 150-year-old Finnish company that early on focused on rubber, forestry and cables, is in the process of reinventing itself yet again. On Friday, April 25, Nokia completed the $7.5 billion sale of its Devices and Services business to Microsoft. The company that was for years the worldwide leader in mobile phone sales, introducing the first smartphones to business users, while also giving millions of people in developing markets their very first connections to the Internet, for the first time in three decades has no hand in the mobile phone market. What it will focus on, it has said, are three businesses: Networks (in July 2013 it bought out Siemens’ shares of the Nokia Siemens Network (NSN); its Here navigation and mapping suite; and Technologies, which includes its considerable patent portfolio, licensing arrangements and research activities. Four days after completing of the handset sale, the company announced the appointment of Rajeev Suri, who had been CEO of NSN since 2009, as its new CEO.
“As Nokia opens this new chapter, the Nokia Board and I are confident that Rajeev is the right person to lead the company forward,” Riso Siilasmaa, chairman of the Nokia board of directors, said in a statement. “He has a proven ability to create strategic clarity, drive innovation and growth, ensure disciplined execution and deliver results.”