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Nokia's (NOK) Technology Division President to Step Down

Zacks Equity Research
Updated

Nokia Corporation NOK announced that the President of Nokia Technologies, Ramzi Haidamus, will be resigning soon. Haidamus will also step down from his position in the company’s Group Leadership Team, effective Sep 1, 2016. Meanwhile, Nokia Technologies’ Strategy and Business Development Head, Brad Rodrigues, will assume the position of acting President. Haidamus will stay with Nokia till September-end to aid a smooth transition. Meanwhile, Nokia is on the lookout for a befitting successor to Haidamus’ position.

Nokia under Haidamus

Per Nokia’s President and Chief Executive Officer (CEO), Rajeev Suri, the company has seen growth and transformation under Haidamus’ management. During Haidamus’ tenure, Nokia’s patent licensing business improved significantly, mobile devices segment picked up with an agreement with HMD global Oy, growth in the digital media space with the launch of OZO virtual reality camera and the acquisition of Withings in the digital health market. Nokia has been working actively to expand its services in countries like China, Myanmar, Germany and Poland. Meanwhile, Haidamus regards his journey at Nokia as a rewarding one and intends to pursue opportunities in line with his passion to build and transform businesses.

Effective Sep 1, the Nokia Group Leadership team will comprise members namely, Rajeev Suri, Timo Ihamuotila, Samih Elhage, Federico Guillen, Basil Alwan, Bhaskar Gorti, Hans-Jurgen Bill, Kathrin Buvac, Ashish Chowdhary, Barry French, Marc Rouanne and Maria Varsellona.

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NOKIA CP-ADR A Price

 

NOKIA CP-ADR A Price | NOKIA CP-ADR A Quote

Zacks Rank and Stocks to Consider

Nokia currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the wireless equipment industry include InterDigital Inc. IDCC sporting a Zacks Rank #1 (Strong Buy) and Clearfield Inc CLFD and Motorola Solutions Inc. MSI, holding a Zacks Rank #2 (Buy).

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