Boston, MA 04/25/2014 (wallstreetpr) – The mobile phone maker, which is to complete the sale of its handheld devices business to Microsoft Corporation (NASDAQ:MSFT), has announced to replace Rajeev Suri as its new Chief Executive Officer this Tuesday. The company expects to come up with a new plan to cater to its networks equipment business more efficiently, as reported by a newspaper today.
Suri, 46 years old, has been named the most popular choice for Nokia Corporation (ADR) (NYSE:NOK)’s CEO after his recent contributions to its network division. Suri’s restricting strategy has been responsible for a turn- around of Nokia Solutions and Networks, which was otherwise declining.
Q1’14 Results
According to Helsingin Sanomat, Nokia Corporation (ADR) (NYSE:NOK) would be reporting its first quarter results for 2014 on April 29, 2014. It will also announce the cash amount it intends to distribute among its shareholders on Tuesday. Investors have already been waiting to hear the next moves after Nokia announced the 5.4 billion euro, or $7.5 billion, sell- out to Microsoft last September.
New Agreement Terms
Nokia expects the Microsoft Corporation (NASDAQ:MSFT) deal to be completed today after both the parties agreed to make some modifications in the terms of the agreement earlier in the week. The company has announced that, on account of a tax dispute in one of its plants in India, the deal would no longer include that facility in the sale. Nokia now plans to operate the facility as a contractual manufacturing division for Microsoft, as informed by the spokeswoman of the Finland based company’s India unit.
As of now, Nokia Corporation (ADR) (NYSE:NOK) is still due to set terms as per the Indian court before the plant’s sale to Microsoft. The terms also include a security payment for the tax dues that the Indian authorities are claiming. The plant in talks is among Nokia’s biggest factories across the globe and employs as many as 6,600 people.
