Boston, MA 05/20/2014 (wallstreetpr) – Rajeev Suri became the new President and CEO of Nokia Corporation (ADR) (NYSE:NOK). The announcement was made on April 29, 2014, and he joined as the President and CEO of the company with effect from May 1, 2014. The company declared that this would help in returning additional 1 billion Euros to the shareholders because of the sale of a mobile unit. It is quite interesting to note that Rajeev Suri is one of those few international executive who do not hold a degree from any business school.
Who is Rajeev Suri?
Rajeev Suri, 46, as of now, has served as the leader of Nokia Solutions and Networks (NSN). NSN used to be a network equipment unit of Nokia when it was involved in the mobile phones making business. Rajeev Suri is said to be the man behind letting the unit contributing the maximum amount of $17.58 billion overall turnover of Nokia.
Statement from the Nokia Chairman
Nokia Corporation (ADR) (NYSE:NOK)’s Chairman, Risto Siilasmaa, in his statement, said that Rajeev was the perfect person to take the company in a forward direction. He also said that Rajeev had strategic clarity, discipline in execution of things as well as vision for growth and innovation.
Sale of the Mobile Unit
Nokia also finalised the sale of its mobile unit to Microsoft in a deal worth $7.5 billion. Nokia is now gearing up to focus its business entirely on three other units- navigation, patents and networks. The network unit, despite being in loss for a long time, made a comeback in the year 2012 and registered profit under the leadership of Rajeev Suri. Nokia, in the meanwhile, also announced that it would make an aggressive push for grasping the market share against Ericsson and Huawei. Nokia Corporation (ADR) (NYSE:NOK), also announced that it was ready to pay its stakeholders an additional $0.36 per share apart from the usual annual dividend.
