Nokia management shake up

Device manufacturer makes major management changes

October 19, 2009

Device manufacturer makes major management changes

Nokia today announced some changes in the roles of its Group Executive Board members. Rick Simonson, currently Nokia Chief Financial Officer, has been appointed to head of the Mobile Phones entity within the Devices unit as of November 1, 2009.

He will also head strategic sourcing for the whole of the Devices unit. Rick Simonson joined Nokia in 2001 and has been CFO since 2004. He will continue to be a member of the Group Executive Board.

Mobile Phones is one of two new entities within the Devices unit that came into operation on October 1, 2009, the other being Smartphones. Mobile Phones leads the portfolio, product and lifecycle management of all Series 30 and Series 40 devices, which account for more than half of Devices & Services net sales and therefore represent a significant part of Nokia’s business. Mobile Phones focuses on driving a media-rich mobile platform in devices that are already used by hundreds of millions of people and growing, thereby also helping us to deliver mobile solutions.

Timo Ihamuotila, currently global head of sales, will transfer to the role of CFO as of November 1, 2009. Timo Ihamuotila first joined Nokia in 1993 and has held the position of Nokia Corporate Treasurer as well as several other senior positions in, for example, portfolio management of devices and most recently global sales of devices and services. Timo Ihamuotila will also continue to be a member of the Group Executive Board.

Says Nokia CEO, Olli-Pekka Kallasvuo: “After six successful years as CFO, it is great to have Rick move to such an important operational role. 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. In addition to his background in finance, Timo Ihamuotila’s expertise from leading a diverse range of business areas will be a tremendous asset in his position as CFO.”