Nokia 'sharpens strategy' by dropping three executives, laying off 10,000 and dumping Vertu
Nokia is still trying to turn things around after a slew of losses, and has made some tough decisions about how to move forward by announcing it will reduce staff by up to 10,000 people before the end of 2013. That's all part of a plan to close factories in Finland, Germany and Canada. as well as refocusing its marketing efforts, streamlining support staff and reducing "non-core" assets. Also on the outs are three executives including chief marketing officer Jerri Devard, executive VP of mobile phones Mary McDowell and executive VP of markets Niklas Savander who will step down from the company's Leadership Team effective June 30th. Replacing them July 1st are executive VP of mobile phones Timo Toikkanen, executive VP of sales and marketing Chris Weber and senior VP of communications Susan Sheehan.
Additionally, it has sold the luxury brand Vertu to private equity group EQT VI in a deal that is expected to close during the second half of the year leaving just 10 percent of it in Nokia's hands. That's not the end of the bad news either, as Nokia will take a charge of 1 billion Euros ($1.3 billion) by the end of 2013 as a result of the restructuring and its efforts to return to profitability. Investments going forward including buying imaging company Scalado, extending its mapping technology to "multiple industries" and pushing more Series 40 and Series 30 devices. Check the press releases after the break for all the numbers and details currently available before it reports Q2 earnings July 19th, and we also may be able to glean more info from a call scheduled for 8AM ET.
- Wed, 2013-05-15 03:30
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- Mon, 2012-10-01 00:35