Nokia Reorganizes After Loss

The appointments of a new mobile phones chief and CFO follow a surprise third quarter loss of $836 million.
Nokia continued to shake up its top management ranks Friday -- the company calls the moves “job rotation” -- in the wake of its disappointing third quarter financial report.

In the biggest shift, Rick Simonson, who has been Nokia’s chief financial officer since 2004, will head the firm’s Mobile Phones entity within Nokia’s Devices unit and also will direct strategic sourcing for the entire Devices unit. He will continue as a member of the firm’s group executive board.

With a background in engineering as well as in finance, Simonson is something of a renaissance man. He has a BA in Science and Mining Engineering from the Colorado School of Mines and an MBA from the Wharton School of Business. He joined Nokia in 2001.

Nokia CEO Olli-Pekka Kallasvuo said: “Rick Simonson’s deep knowledge of the business and its financials will be valuable for the significant part Mobile Phones plays in Nokia’s business.”

Named to succeed Simonson as CFO, is Timo Ihamuotila, who has been serving as global head of sales. Also a member of Nokia’s group executive board, Ihamuotila joined Nokia in 1993 and has held a range of high positions at the firm including the position of corporate treasurer. Kallasvuo said the new CFO’s background in devices and services will be an asset in his new position.

Earlier this month, Nokia named Rajeev Suri to head up its Nokia Siemens Network unit, replacing Simon Beresford-Wylie.

On Thursday, Nokia reported its first quarterly loss since 1998.

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